What Have We Learnt About Monetary Integration Since the Maastricht Treaty?
20 Pages Posted: 8 Oct 2006
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.
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CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Poschinger Str. 5
Munich, DE-81679
Germany
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What Have We Learnt About Monetary Integration Since the Maastricht Treaty?
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