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Monetary union and economic growth. NBB Working Paper No. 10, November 2001

Vickers, John (2001) Monetary union and economic growth. NBB Working Paper No. 10, November 2001. [Working Paper]

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    Abstract

    This paper discusses possible links between monetary arrangements in particular monetary union and economic growth. It is stressed that growth depends ultimately on how the real economy works: there is no monetary magic that can conjure up growth. But monetary policy can contribute to conditions for sustainable growth by securing and maintaining price stability; monetary union might extend this. It might also deepen the single market. The elimination of nominal exchange rate movement among members of the union removes some sources of shock but also some ways of adjusting to shocks. This underlines the importance of other adjustment mechanisms, especially supply-side flexibility, which is crucial for growth in any event.

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    Item Type: Working Paper
    Additional Information: Also issued as NBB Working Paper No. 10, May 2000
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 06 Jun 2003
    Page Range: p. 23
    Last Modified: 15 Feb 2011 17:15
    URI: http://aei.pitt.edu/id/eprint/624

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