European Monetary Union: Recent evolution and perspectives

Ricardo da Costa Nunes () and Selene Peres Peres Nunes ()

Brazilian Journal of Political Economy, 2000, vol. 20, issue 1, 52-74

Abstract: This paper discusses the uniqueness and the stability of the proposed modelfor the European Monetary Union – EMU, pointing out some of the difficulties faced in itsimplementation and the chances of surpassing them. It also suggests how all the points ofEuropean monetary integration – central bank independence, balanced budget and stabilityof the exchange rate within a certain band of fluctuation – are sustained upon the propositionthat economy founds auto-adjustment since there is flexibility of wages and pricesand the State’s intervention remains as short as possible. Thus, the need of convergence ofeconomic and financial EMU’s criterion and the sufficiency of its achievement to a greaterdevelopment of Europe in face of other countries bring the discussion back to the theoreticalparadigm. JEL Classification: F45; F42; F33.

Keywords: European Union; monetary union; economic integration; Euro (search for similar items in EconPapers)
Date: 2000
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