Obstfeld, Maurice - Institute of Business and Economic Research (IBER), … - 1998
and monetary union (EMU), as well as on some key problems of Stage Three that EMU’s monetary and fiscal structures … single joint currency. A third problem, one that is central for EMU and to any currency union, lies behind the difficulty of …€™s financial markets. I consider the past and prospective fiscal adjustments of the EMU 11, and suggest these might pose future …