Completing the unfinished house: Towards a genuine economic and monetary union?

Arbeitspapier

[I. EMU, a Unique Experiment] The European Monetary Union (EMU) represents an unprecedented institutional arrangement. Never before in history have states, while maintaining their individual sovereignties, voluntarily renounced their national currencies in favour of a new common currency and ceded their authority over monetary policy to a supranational central bank. It can therefore be said that on January 1, 1999, when this new currency - the euro - was adopted, a bold experiment began, the outcome of which is still under debate 16 years later. This experiment has three dimensions - political, economic and monetary integration - which form the legs of a new and difficult “triangle” (Issing 2004). While the establishment of the European Central Bank (ECB) solved the monetary challenge on the institutional level, the problem of conducting a “one-size-fits-all” monetary policy continues to be a tremendous task due to economic divergences across the eurozone countries. [...]

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CFS Working Paper Series ; No. 521

Klassifikation und Themen

• Klassifikation: Wirtschaft

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Issing, Otmar
• Ereignis: Veröffentlichung
• (wer): Goethe University Frankfurt, Center for Financial Studies (CFS)
• (wo): Frankfurt a. M.
• (wann): 2015

Weitere Informationen

• Handle: http://hdl.handle.net/10419/121487
• URN: urn:nbn:de:hebis:30:3-386628
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ