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The Euro: A dozen do's and don't's

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  • Siebert, Horst

Abstract

1. Make the national labor markets more flexible in order to avoid additional unemployment. 2. Do not Europeanize wage formation. 3. Leave employment a national responsibility. 4. Do not push for a social union. 5. Resist the political demand for transfers. 6. Accept the 'one-size-fits-all' monetary policy and improve efforts to stabilize the national economy. 7. Tie down national fiscal and budget policy to avoid political pressure on the European Central Bank. 8. Do not belittle the entry criteria of sustainability. no 9. Do not get seduced by the fallacy of the short-run Phillips curve. 10. Do not play around with the external value of the euro. 11. Denationalize the common money. 12. Depoliticize the common currency.

Suggested Citation

  • Siebert, Horst, 1998. "The Euro: A dozen do's and don't's," Kiel Discussion Papers 312, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkdp:312
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    1. von Hagen, Jurgen & Neumann, Manfred J M, 1994. "Real Exchange Rates within and between Currency Areas: How Far Away Is EMU?," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 236-244, May.
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    7. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-138, May.
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    11. Marco BUTI & Daniele FRANCO & Hedwig ONGENA, 1997. "Budgeetary Policies during Recessions : Retrospective Application of the Stability and Growth Pact” to the Post-War Period," Discussion Papers (REL - Recherches Economiques de Louvain) 1997041, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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    Cited by:

    1. Alain Borghijs & Sjef Ederveen & Ruud de Mooij, 2003. "European wage coordination; nightmare or dream to come true? An economic analysis of wage bargaining institutions in the EU," CPB Discussion Paper 17, CPB Netherlands Bureau for Economic Policy Analysis.
    2. Schweickert, Rainer, 2001. "Assessing the advantages of EMU-enlargement for the EU and the accession countries: a comparative indicator approach," Kiel Working Papers 1080, Kiel Institute for the World Economy (IfW Kiel).
    3. Gern, Klaus-Jürgen & Gottschalk, Jan & Kamps, Christophe & Meier, Carsten-Patrick & Scheide, Joachim & Schlie, Markus & Strauß, Hubert, 1999. "Weltkonjunktur festigt sich," Open Access Publications from Kiel Institute for the World Economy 2291, Kiel Institute for the World Economy (IfW Kiel).

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