Un marché, une monnaie: un argument erroné ( post factum ) ?

Daniel Gros

Revue d'économie financière, 2017, vol. N° 125, issue 1, 69-84

Abstract: Why should Europe opt for monetary union? ?One Market needs one Money!?: This is, at first sight, the key argument of the influential report of the European Commission entitled ?One Market, One Money?, published in 1990. Closer examination reveals a somewhat different picture, however. The extended subtitle is rather more agnostic: ?An evaluation of the potential benefits and costs of forming an economic and monetary union.? A closer inspection of the report reveals that the key argument was the other way round: one money would create one market. Unfortunately, the authors in 1990 did not recognise that ?one money? would foster huge cross-border financial flows that would one day lead to a very costly financial crisis. Classification JEL: F15, F36, F45, G28.

JEL-codes: F15 F36 F45 G28 (search for similar items in EconPapers)
Date: 2017
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