Optimum Currency Area: Theories Re-examined

Peter Coffey
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Peter Coffey: University of Amsterdam

Chapter 3 in Europe and Money, 1977, pp 41-59 from Palgrave Macmillan

Abstract: Abstract Before undertaking this re-examination, two major considerations should be borne in mind. First, an optimum currency area is a different animal from an economic and monetary union. An optimum currency area comprises a group of countries whose currencies are linked together through fixed exchange rates. Optimum currency areas have consisted of countries at quite different stages of economic development. An economic and monetary union implies not only fixed exchange rates, but also common economic, fiscal and monetary policies as well as a common currency. It is because of these facts that it is so difficult to achieve an economic and monetary union on a strict voluntary basis.

Keywords: Exchange Rate; Trading Partner; Monetary Union; Labour Mobility; Currency Area (search for similar items in EconPapers)
Date: 1977
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-03185-6_3

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DOI: 10.1007/978-1-349-03185-6_3

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