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What Have we Learnt about Monetary Integration since the Maastricht Treaty?

Author: Paul Degrauwe. JCMS, 2006 44(4) pp. 711-730

Thursday 15 January 2015, by Carlos San Juan


The present governance of the euro area has been devised assuming that the world fits the monetarist-real-business-cycle theory. But that theory is not a correct representation of the world. The European monetary union is remarkable achievement, but remains fragile because of absence of a sufficient degree of political union.

What Have we Learnt about Monetary Integration since the Maastricht Treaty?

Outline: Introduction I. Mundell I and Mundell II II. Endogeneity of the OCA Criteria III. The Governance of Monetary Union Political Union in the OCA theory The Brussels–Frankfurt Consensus An Evaluation IV Conclusion


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