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| Author: | Arestis, P. Sawyer, M. |
| Title: | Unemployment and the Independent European System of Central Banks: Prospects and some alternative arrangements |
| Journal: | American Journal of Economics and Sociology
1997 : JUL, VOL. 56:3, p. 353-368 |
| Index terms: | UNEMPLOYMENT CENTRAL BANKS EUROPE |
| Language: | eng |
| Abstract: | This article scrutinizes the case for an Independent European System of Central Banks (IESCB) which is rejected on the grounds that it would worsen the performance of the real economy. The article proposes an alternative institutional arrangement more conducive to the achievement of high levels of effective demand and thus of employment. The article considers a number of theoretical and "institutional" arguments that suggest that the proposed Maastricht model for the future monetary unification of the EU is marred by some difficulties. |
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