Discussion Paper Details

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Title: Brussels on a Single Money

Author(s): Jacques Melitz

Publication Date: July 1991

Keyword(s): European Monetary Union, Exchange Rate Regime, Fiscal Federalism and Optimum Currency Area

Programme Area(s): International Macroeconomics

Abstract: This review article discusses the recent document titled `One Market, One Money' in which the European Commission develops its case for European monetary union. After examining the monetary issues, the article focuses on the reasons for the Commission's very worried attitude toward fiscal policy autonomy. The closing section considers the problem of the transition to a single money. Attention is also drawn to the issue of a lender of last resort.

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Bibliographic Reference

Melitz, J. 1991. 'Brussels on a Single Money'. London, Centre for Economic Policy Research.