Is A 2-Speed System in Uerope the Answer to the Conflict between the German and the Anglo-Saxon Models of Monetary Control?

Andrew J Hughes Hallett (), Maria Demertzis and Ole Jens Rummel ()

Working Papers from American Institute for Contemporary German Studies-

Abstract: The Maastricht Treaty assumes that a small "credible" group of countries will be able to adopt a single currency by the 1st of January, 1999, while the remainder retain their national monetary instruments. In this paper we accept the core/periphery distinction and examine the correlation and symmetry of shocks within and between groups. We discover that the core is no more an Optimal Currency Area than the periphery.

Keywords: EUROPE; MONETARY UNION (search for similar items in EconPapers)
JEL-codes: F33 (search for similar items in EconPapers)
Date: 1997
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