One Market, One Money – A Mistaken Argument (post factum)?

Daniel Gros

CEPS Papers from Centre for European Policy Studies

Abstract: Why should Europe opt for monetary union? ‘One Market needs one Money'! This is, at first sight, the key argument of the influential report by the European Commission entitled “One Market, One Money”, published in 1990. But after closer examination of the report, Daniel Gros considers its rather more agnostic subtitle: “An evaluation of the potential benefits and costs of forming an economic and monetary union” and concludes that the key argument was in fact the other way round: one money would create one market. Unfortunately, the authors of 1990 did not recognise that ‘one money’ would foster huge cross-border financial flows that would one day lead to a very costly financial crisis.

Pages: 14 pages
Date: 2017-02
New Economics Papers: this item is included in nep-mac, nep-mon and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.ceps.eu/system/files/DG_OneMarketOneMoney_0.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eps:cepswp:12245

Access Statistics for this paper

More papers in CEPS Papers from Centre for European Policy Studies Contact information at EDIRC.
Bibliographic data for series maintained by Margarita Minkova ().