“Euro”-Währungsblöcke als Alternative zur europäischen Einheitswährung
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Rübel Gerhard: Universität Passau Lehrstuhl für Volkswirtschaftslehre mit Schwerpunkt Geld und Aussenwirtschaft Innstraße 27, D - 94032 Passau
Zeitschrift für Wirtschaftspolitik, 1996, vol. 45, issue 3, 337-355
Due to both several criteria for participating in a European Monetary Union and a fixed schedule the process of monetary integration in Europe is stuck in a dilemma. Watering down these conditions would cause problems concerning both stability and acceptance, whereas giving up the time schedule could postpone the project of a European Monetary Union into the unknown future. However, if the monetary union only starts with a few countries, a multi class society will be the result. Due to several reasons this raises the danger of division and of the end of the whole process of European integration. As a solution to this dilemma a parallel integration into currency blocs is proposed. With an optimal number of these “Euro”-blocs it would be possible to benefit from monetary integration without having to give up the stabilizing effects of different currencies.
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