Reflections on Americans' Views of the Euro Ex Ante

Martin S. Feldstein

No 14696, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper was prepared for a session of the 2009 American Economic Association meeting devoted to examining the views of American economists about the euro and the European Economic and Monetary Union on the tenth anniversary of the euro. I had written an article in 1992 in the Economist and subsequent articles in the Journal of Economic Perspecties and in Foreign Affairs. I begin by reviewing the arguments that I offered at that time about the claimed advantages of a single currency and about what I regarded as the disadvantages. I then discuss my claims that the primary motivation for the creation of the euro was political, not economic and that the creation of the euro could lead to increased conflict within Europe and with the United States. I conclude with a discussion of the implications for the EMU of the current recession and the likely future economic conditions in Europe.

JEL-codes: F02 F4 F5 F51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec and nep-opm
Date: 2009-01
Note: IFM

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