The Economic Rationale of the EMU and the Euro

Claudio Sardoni ()

Chapter 5 in Euroland and the World Economy, 2007, pp 91-103 from Palgrave Macmillan

Abstract: Abstract The realization of the European Monetary Union (EMU) with the creation of the euro and the European Central Bank (ECB) are important events with relevant economic as well as social and political implications. To fully reconstruct, explain and evaluate the complex long process that led to these outcomes is far beyond the scope of this chapter. The chapter is an attempt to explain why the EMU took the peculiar shape it has today, that is to say, a monetary union with a single independent central bank without a counterpart at the fiscal level. Why the EMU took the present form can be explained by looking at the historical experience of European economic cooperation and integration as well as at some developments in economic theory and analysis that took place during the same period the EMU was being planned.

Keywords: Exchange Rate; Monetary Policy; Fiscal Policy; European Central Bank; Monetary Union (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37755-4_6

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DOI: 10.1057/9780230377554_6

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