Eurosclerosis, Eurochicken and the Outlook for EMU
Marcus Miller ()
The Warwick Economics Research Paper Series (TWERPS) from University of Warwick, Department of Economics
Europe is rushing headlong into monetary union armed with preconditions reflecting mistrust among would-be partners rather than what is needed for a successful common currency. Current negotiations on the future structure and policy of EMU, in particular, seem to resemble a game of "Chicken"! It is surely unlikely that this will produce the sort of monetary policy needed to mitigate the effects of Eurosclerosis. It is suggested, therefore, that willingness to initiate labour market reforms would be a far more effective criterion for membership than the current Maastricht conditions.
Keywords: MONETARY AREAS; EUROPE; MONETARY POLICY (search for similar items in EconPapers)
JEL-codes: E42 E52 (search for similar items in EconPapers)
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Working Paper: EUROSCLEROSIS, EUROCHICKEN AND THE OUTLOOK FOR THE EMU (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:wrk:warwec:482
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