Could Monetary Union Work without Political Union?

Tim Congdon

Chapter 33 in European Monetary Union: The Kingsdown Enquiry, 1996, pp 211-223 from Palgrave Macmillan

Abstract: Abstract The Maastricht Treaty is a revolutionary document. It proposes a fully fledged monetary union for the member states of the European Union, in which the power to issue legal-tender currency would be assumed entirely by a newly formed European Central Bank. Once created, this would be an altogether different structure from a system of fixed exchange rates, such as the Exchange Rate Mechanism, or even an exchange rate union like that between Britain and Ireland before 1979. It would include — indeed would be almost defined by — the extinction of national currencies, where these had been issued by separate central banks.

Keywords: Exchange Rate; Monetary Policy; Public Debt; European Central Bank; Monetary Union (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1007/978-1-349-24825-4_33

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