The Euro: A dozen do's and don't's

Horst Siebert

No 312, Kiel Discussion Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: 1. Make the national labor markets more flexible in order to avoid additional unemployment. 2. Do not Europeanize wage formation. 3. Leave employment a national responsibility. 4. Do not push for a social union. 5. Resist the political demand for transfers. 6. Accept the 'one-size-fits-all' monetary policy and improve efforts to stabilize the national economy. 7. Tie down national fiscal and budget policy to avoid political pressure on the European Central Bank. 8. Do not belittle the entry criteria of sustainability. no 9. Do not get seduced by the fallacy of the short-run Phillips curve. 10. Do not play around with the external value of the euro. 11. Denationalize the common money. 12. Depoliticize the common currency.

Date: 1998
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