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The Economic Case for Monetary Union in the European Union
Buiter, Willem H. - 1997
Differential requirements for seigniorage provide a weak case for retaining monetary independence. As regards adjustment to asymmetric shocks, nominal exchange rate flexibility is at best a limited blessing and at worst a limited curse. Absence of significant fiscal redistribution mechanisms...
Persistent link: https://www.econbiz.de/10014089435
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Completing the monetary union of Europe as mid-term solution of the Euro crisis
Fischer, Justina A. V.; Pastore, Francesco - 2015
This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
Persistent link: https://www.econbiz.de/10011308548
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Are proposed African monetary unions optimal currency areas? : real, monetary and fiscal policy convergence analysis
Asongu, Simplice A. - 2012
Purpose - A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of...
Persistent link: https://www.econbiz.de/10011410252
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
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Lost at sea : the euro needs a Euro Treasury
Bibow, Jörg - 2013
of existing national public debts is involved. Instead, the Euro Treasury is established as a means to pool eurozone … public investment spending and have it funded by proper eurozone treasury securities. …
Persistent link: https://www.econbiz.de/10010204687
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The Euro-project at risk
Hankel, Wilhelm; Hauskrecht, Andreas; Stuart, Bryan - 2010
In contrast to Robert Mundell's Optimum Currency Area theory and his recommendation of forming a monetary union, the economic fundamentals of Euro area member countries have not harmonized. The opposite holds: the Euro core countries - most of all Germany, but also the Netherlands and Finland -...
Persistent link: https://www.econbiz.de/10008695492
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Are Proposed African Monetary Unions Optimal Currency Areas? Real, Monetary and Fiscal Policy Convergence Analysis
Asongu, Simplice - 2015
Purpose – A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of...
Persistent link: https://www.econbiz.de/10013032592
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Fiscal and Monetary Rules for a Currency Union
Ferrero, Andrea - 2021
This paper addresses the question of the joint conduct of fiscal and monetary policy in a currency union. The problem is studied using a two-country DSGE framework with staggered price setting, monopolistic competition in the goods market, distortionary taxation and nominal debt. The two...
Persistent link: https://www.econbiz.de/10013318456
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A Strategy for EMU Enlargement
Dabrowski, Marek - 2009
recommendations both for new member states (on how to manage their accession to the Eurozone) and for the European Commission, ECB and … current Eurozone members, and should further improve before Eurozone entry, decreasing risk of their exposure to idiosyncratic … credibility of the Euro and price stability in the Eurozone will not be threatened by fast EMU Enlargement. Neither can the …
Persistent link: https://www.econbiz.de/10014212729
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The never-ending quest for the European fiscal policy’s objectives : stability vs. convergence or stability and convergence?
Klein, Carlo - In: Athens journal of business & economics : AJBE 7 (2021) 1, pp. 41-66
Persistent link: https://www.econbiz.de/10012312475