What Have we Learnt about Monetary Integration since the Maastricht Treaty?

The present governance of the euro area has been devised assuming that the world fits the monetarist‐real‐business‐cycle theory. But that theory is not a correct representation of the world. The European monetary union is a remarkable achievement, but remains fragile because of the absence of a suff...

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Bibliographic Details
Published in:Journal of common market studies 2006-11, Vol.44 (4), p.711-730
Main Author: DE GRAUWE, PAUL
Format: Article
Language:English
Subjects:
Achievement
Economic Integration
Euro area
European Monetary Union
European Union
European Union - Monetary policy
Monetary Policy
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Summary:The present governance of the euro area has been devised assuming that the world fits the monetarist‐real‐business‐cycle theory. But that theory is not a correct representation of the world. The European monetary union is a remarkable achievement, but remains fragile because of the absence of a sufficient degree of political union.
ISSN:0021-9886
1468-5965
DOI:10.1111/j.1468-5965.2006.00659.x