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"European Monetary Union: Post-Maastricht Perspectives on Monetary and Real Integration in Europe"

Welfens, Paul J.J. (1993) "European Monetary Union: Post-Maastricht Perspectives on Monetary and Real Integration in Europe". In: UNSPECIFIED, Washington, DC. (Unpublished)

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    This paper analyzes the 1992 crisis in the EMS and raises the question whether EC monetary integration along the lines envisaged by the Maastricht Treaty is an efficient and viable way of monetary union. The challenge of the single market project for monetary integration is discussed and it is argued that an EMU is nonoptimal from the perspective of the Kenen criterion of economic diversification. Exchange rate instability is bound to affect real integration in the EC in a negative way and the growth effects of the single market program might be smaller than expected initially. The convergence criteria proposed in the Maastricht Treaty are only partly well founded and are likely to create serious conflicts of interest among EC members on the way to state III of EMU. From a German perspective the Maastricht proposals have[r] received increasingly weaker support from both the business community and the political system after German unification has turned out to be much more costly and more complex than anticipated initially.

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    Item Type: Conference or Workshop Item (UNSPECIFIED)
    Uncontrolled Keywords: EMS = European Monetary System.
    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 and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Conference: European Union Studies Association (EUSA) > Biennial Conference > 1993 (3rd), May 27-29, 1993
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 18 Apr 2007
    Page Range: p. 37
    Last Modified: 15 Feb 2011 17:47

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