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| Author: | Goodhart, C. |
| Title: | European monetary integration |
| Journal: | European Economic Review
1996 : APR, VOL. 40:3-5, p. 1083-1090 |
| Index terms: | MONETARY INTEGRATION FISCAL POLICY EUROPE EUROPEAN MONETARY SYSTEM |
| Language: | eng |
| Abstract: | The paper seeks to establish four points: 1) EMU will be a much tighter and more ambitious regime than the gold standard. 2) In case of misalignment under EMU, it could lead to considerable political tension. 3) While a single currency supports a single market, the claim that the former is necessary for the latter is contentious. 4) Not only would some well-designed federal fiscal stabilization help to maintain a single currency, especially on political grounds, but also a single currency could reduce national objections to greater fiscal federalism. |
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