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Title: Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

Author(s): Holger Feist and Hans-Werner Sinn

Publication Date: November 1997

Keyword(s): Central Banks, European Integration, European Monetary Union and Seignorage

Programme Area(s): Financial Economics and International Macroeconomics

Abstract: The European Monetary Union will involve socialization of existing seigniorage wealth of national central banks. This socialization will create windfall gains for countries with relatively low monetary bases such as France and the United Kingdom and will be disadvantageous for countries like Germany, Spain, the Netherlands and Austria, who will suffer per capita wealth losses of between ECU 406 and ECU 182. The paper quantifies the gains and losses in seigniorage wealth under alternative membership and bank regulation scenarios.

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Bibliographic Reference

Feist, H and Sinn, H. 1997. 'Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1747