The Case of European Monetary Integration and its Former Hegemon

Hampl Mojmír
Additional contact information
Hampl Mojmír: Czech National Bank,Prague, Czech Republic

German Economic Review, 2013, vol. 14, issue 1, 2-14

Abstract: There is no historical precedent for the institutional set-up of the eurozone. However, it is an arrangement that could not and cannot escape the universal laws and principles of economics. This article tries to look generally at the consequences of this integration project from the perspective of the former monetary hegemon, Germany, whose hegemony largely ended as a result of the monetary integration method chosen. Those consequences are, of course, more apparent in bad times than they were in good times. We then specifically examine the problem of convergence and divergence within a currency area and discuss the issue of competitive devaluation. In the conclusion, we try to formulate the fundamental dilemma faced by the former monetary hegemon. Its solution will affect those inside and outside the integration project.

Keywords: Monetary hegemony; monetary integration; convergence; divergence (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/geer.12001 (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:germec:v:14:y:2013:i:1:p:2-14

Ordering information: This journal article can be ordered from
https://www.degruyter.com/journal/key/ger/html

DOI: 10.1111/geer.12001

Access Statistics for this article

German Economic Review is currently edited by Peter Egger, Almut Balleer, Jesus Crespo-Cuaresma, Mario Larch, Aderonke Osikominu and Georg Wamser

More articles in German Economic Review from De Gruyter
Bibliographic data for series maintained by Peter Golla ().