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A Sisyphean Labyrinth

In: The Power of Money

Author

Listed:
  • Armand Dormael

Abstract

Since August 1993 the European Union has been passing through limbo like the European Monetary System it is supposed to administer. The demise of the ERM provoked frustration and bitterness on the Continent and jubilation in the international financial community. A few days after the breakup of the exchange rate mechanism The Financial Times published a postmortem analysis signed by seven MIT professors, including Nobel prize winner Paul Samuelson, expressing great satisfaction over the fact that Europe had finally abandoned the fixed-rate system. ‘No reason to mourn,’ the title claimed; ‘Currency liberation could be good news for Europe’s unemployed.’1

Suggested Citation

  • Armand Dormael, 1997. "A Sisyphean Labyrinth," Palgrave Macmillan Books, in: The Power of Money, chapter 14, pages 164-174, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14301-6_14
    DOI: 10.1007/978-1-349-14301-6_14
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