The Mirages of Nominal Illusion: Variations on Convergence

Jerome Creel

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Abstract: The euro, the European single currency, was launched in Europe on 1 January 1999, and the subsequent Economic and Monetary Union (EMU) now comprises virtually all European Union (EU) members, namely twelve countries out of fifteen; the United Kingdom, Denmark and Sweden chose to opt out. However successful, economic policy management has never produced a perfect solution to a certain number of fundamental issues. How can a single monetary policy be made compatible with specific economic backgrounds (economic cycles, inflation); independent and yet capped fiscal policies; distinct labour markets; and different economic and social patterns?

Keywords: European Union; European Central Bank; Monetary Union; Nominal Interest Rate (search for similar items in EconPapers)
Date: 2005-04
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Published in Fiorella Kostoris Padoa Schioppa; Jean-Paul Fitoussi. Report on the State of the European Union, Palgrave Macmillan, pp.59 - 70, 2005, 9781403917126

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Working Paper: The Mirages of Nominal Illusion: Variations on Convergence (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03398105

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