Citation

Discussion Paper Details

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Title: EMU: Why and How It Might Happen

Author(s): Charles Wyplosz

Publication Date: August 1997

Keyword(s): Capital Mobility, Convergence, Europe, Fiscal Restraints and Monetary Union

Programme Area(s): International Macroeconomics

Abstract: This paper reviews the history, economic rationale and main components of the project of establishing a monetary union in Europe by 1999. The adoption of a single currency is shown to be the best available option following the liberalization of capital movements. Much of the institutional design (central bank independence and objectives, fiscal restraints) reflects Germany?s fears of inflation as it is asked to give up its currency. The fiscal restraints are excessive, however, and a source of contractionary bias. The paper also presents the timetable of the final countdown.

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Bibliographic Reference

Wyplosz, C. 1997. 'EMU: Why and How It Might Happen'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1685