ON THE FEASIBILITY OF A ONE‐SPEED OR MULTISPEED EUROPEAN MONETARY UNION

Alberto Alesina · Vittorio Grilli

69 citations0/0 files storedEconomics and Politics

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European Monetary and Fiscal Policies European Union Policy and Governance Global Financial Crisis and Policies

Abstract

This paper addresses two questions: (1) Is a twelve‐country monetary union in Europe feasible? (2) Can monetary union be achieved at multispeed, i.e., with a small group of countries going first, and later admitting the others? After examining several politico‐economic arguments concerning problems of feasibility of the union, we conclude with a fair amount of skepticism concerning the multispeed idea. We show that the final result of the process of monetary integration is dependent upon the number of countries that initiate it. Our discussion of feasibility sheds some light on the political economy of the recent (Fall 1992) turmoil in the monetary system of Europe.

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References

1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 1985The Optimal Degree of Commitment to an Intermediate Monetary Target 1983Rules, discretion and reputation in a model of monetary policy 1993Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence 1992Optimal Commitment in Monetary Policy: Credibility versus Flexibility 1993A Retrospective on the Bretton Woods System 2009Macroeconomic policy, credibility, and politics 1991Limiting Exchange Rate Flexibility: The European Monetary System.

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