What Have We Learnt About Monetary Integration Since the Maastricht Treaty?

20 Pages Posted: 8 Oct 2006

See all articles by Paul De Grauwe

Paul De Grauwe

London School of Economics & Political Science (LSE); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Centre for Economic Policy Research (CEPR)

Abstract

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.

Suggested Citation

De Grauwe, Paul, What Have We Learnt About Monetary Integration Since the Maastricht Treaty?. Journal of Common Market Studies, Vol. 44, No. 4, pp. 711-730, November 2006. Available at SSRN: https://ssrn.com/abstract=935723 or http://dx.doi.org/10.1111/j.1468-5965.2006.00659.x

Paul De Grauwe (Contact Author)

London School of Economics & Political Science (LSE) ( email )

Houghton Street
London, WC2A 2AE
United Kingdom

CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Poschinger Str. 5
Munich, DE-81679
Germany

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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