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