Economic Convergence and/or Political Integration

Philip Arestis and Malcolm Sawyer ()

Chapter 9 in Economic and Monetary Union Macroeconomic Policies, 2013, pp 188-207 from Palgrave Macmillan

Abstract: Abstract One might have expected that the formation of the EMU, initially encompassing 12 (and now 17) politically independent countries each with their own currencies prior to them joining the Union, would be considerably influenced by economic convergence and political integration considerations. It is the purpose of this chapter to demonstrate that neither of these considerations had been influential in creating and shaping the EMU and the euro. Indeed to show that in the absence of economic integration political union becomes paramount. Clearly, this is not an argument based on politics but purely on economic grounds that support the importance of developing pan-EMU economic policies, which properly coordinated could potentially drive the union to improved economic development.

Keywords: Monetary Policy; Fiscal Policy; Euro Area; Monetary Union; Current Account Deficit (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-31789-6_9

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DOI: 10.1057/9781137317896_9

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