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Monnet’s error?

Luigi Guiso, Paola Sapienza () and Luigi Zingales ()

Economic Policy, 2016, vol. 31, issue 86, 247-297

Abstract: In entering a currency union without any political union European countries have taken a gamble: will the needs of the currency unions force a political integration (as anticipated by Monnet) or will the tensions create a backlash, as suggested by Kaldor, Friedman and many others? We try to answer this question by analyzing the cross sectional and time series variation in pro-European sentiments in the EU 15 countries. The 1992 Maastricht Treaty seems to have reduced the pro-Europe sentiment as does the 2010 Eurozone crisis. Yet, in spite of the worst recession in recent history, the Europeans still support the common currency. Europe seems trapped: there is no desire to go backward, no interest in going forward, but it is economically unsustainable to stay still.

Date: 2016
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Working Paper: Monnet's Error? (2015) Downloads
Working Paper: Monnet's Error (2015) Downloads
Working Paper: Monnet's Error? (2015) Downloads
Working Paper: Monnet’s Error? (2014) Downloads
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