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The Mirages of Nominal Illusion: Variations on Convergence

Author

Listed:
  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

The euro, the European single currency, was launched in Europe on 1 January 1999, and the subsequent Economic and Monetary Union (EMU) now comprises virtually all European Union (EU) members, namely twelve countries out of fifteen; the United Kingdom, Denmark and Sweden chose to opt out. However successful, economic policy management has never produced a perfect solution to a certain number of fundamental issues. How can a single monetary policy be made compatible with specific economic backgrounds (economic cycles, inflation); independent and yet capped fiscal policies; distinct labour markets; and different economic and social patterns?

Suggested Citation

  • Jérôme Creel, 2005. "The Mirages of Nominal Illusion: Variations on Convergence," Post-Print hal-03398105, HAL.
    • Handle: RePEc:hal:journl:hal-03398105
    as

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