The Road Not Taken: A Comparison Between the Hard ECU and the Euro

John Phelan

Economic Affairs, 2015, vol. 35, issue 3, 397-415

Abstract: In the context of the Eurozone crisis this paper re-examines the Hard ECU using the concepts of the macroeconomic trilemma and the political trilemma. We find that the Hard ECU would have been less economically and politically damaging than the euro. We conclude that it was a superior approach to monetary union.

Date: 2015
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