Way Back, Way Forward

Brendan Brown

Chapter 5 in Euro on Trial, 2004, pp 138-172 from Palgrave Macmillan

Abstract: Abstract However strong the case was against European Monetary Union and against the forced pace of the journey there, it failed to prevail. The grounds for that failure will long be the subject of historical, economic and political analysis. But that is not the end of the matter. The union consists of sovereign states. Any of these might decide in the future to leave the union either unilaterally or in combination. And any member governments can try to obtain the necessary support for effecting amendments to the Treaty of Maastricht or for issuing new EU directives that would bring important changes in the way that the union is run. In sum, whether monetary union should be created and how rapidly has been replaced by the question as to whether it should continue to exist and if so with what modifications to its architecture.

Keywords: Interest Rate; Monetary Policy; Central Bank; Monetary Union; Real Estate Market (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50859-0_5

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DOI: 10.1057/9780230508590_5

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