A Sisyphean Labyrinth

Armand Dormael

Chapter 14 in The Power of Money, 1997, pp 164-174 from Palgrave Macmillan

Abstract: Abstract Since August 1993 the European Union has been passing through limbo like the European Monetary System it is supposed to administer. The demise of the ERM provoked frustration and bitterness on the Continent and jubilation in the international financial community. A few days after the breakup of the exchange rate mechanism The Financial Times published a postmortem analysis signed by seven MIT professors, including Nobel prize winner Paul Samuelson, expressing great satisfaction over the fact that Europe had finally abandoned the fixed-rate system. ‘No reason to mourn,’ the title claimed; ‘Currency liberation could be good news for Europe’s unemployed.’1

Keywords: Central Banker; Venture Capital; European Economy; Monetary Union; Finance Minister (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14301-6_14

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DOI: 10.1007/978-1-349-14301-6_14

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