On the Main Ingredients of the European Economic and Monetary Union

Abstract

The expansion of the European Union (EU) has created a single market and trading bloc of a size comparable to that of the United States and the eurozone (now a minority of countries inside the EU), a currency area rivaling the United States in many respects. The creation of the euro has many aspects for the future of the European economies but three are the focus of attention here. First, the eurozone (which we will use to signify the Economic and Monetary Union, EMU) is the biggest example of the formation of a currency area without a corresponding political union. Second, the introduction of the euro has been made in conjunction with a package of neoliberal macroeconomic policies, which are deflationary in impact. Third, the euro becomes the second major world currency alongside the dollar, and the relationship between the euro and the dollar has a significant impact on the health of the world economy. In this paper we elaborate on these three features of the eurozone.

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