Sterling Democracy or European Bureaucracy?

John Redwood

Chapter 16 in The Impact of the Euro, 2000, pp 210-220 from Palgrave Macmillan

Abstract: Abstract The single currency project is part of a far bigger project to create a country called Europe governed from Brussels and Frankfurt. The single currency proposal is one of the biggest steps on the road to such a new country. Europe already has a sovereign federal court, a Parliament, an executive called the Commission, a flag and an anthem. The EMU project is designed to give Europe a single economic policy with a single central bank, a single currency and single interest rates. There is no suggestion that monetary policy should be under democratic supervision at all. The idea behind the scheme is that monetary policy should transfer from democratic control in each individual member state to bureaucratic control around the table of the central bank.

Keywords: Exchange Rate; Interest Rate; Member State; Monetary Policy; Central Bank (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37244-3_16

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DOI: 10.1057/9780230372443_16

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