Optimal Currency Area Revisited

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dc.contributor.author MERSCH, Yves
dc.date.accessioned 2011-12-05T14:30:06Z
dc.date.available 2011-12-05T14:30:06Z
dc.date.issued 2011
dc.identifier.issn 1830-155X
dc.identifier.uri http://hdl.handle.net/1814/19495
dc.description Document is based on a distinguished lecture held in Florence on 26 October 2011 by Yves Mersch, Governor of the Banque centrale du Luxembourg and Member of the Governing Council of the European Central Bank en
dc.description.abstract Several euro area member states are under increased market scrutiny although public finances in the euro area as a bloc are in a much better shape than in the US or Japan. The main reason is that the euro area is an alliance of sovereign countries with most of the relevant political decisions - including public finance - being taken by national governments whereas the other major currencies are sovereign states with central governments and budgets. In the absence of a central government and an internal nominal exchange rate, effective rules are required to safeguard the stability of a currency area. The current crisis has disclosed the weaknesses of the institutional set up of the euro area. Europe has already undertaken major steps to tackle these. Challenges remain, however, to further proceed in the direction of an Optimum Currency Area. en
dc.format.mimetype application/pdf
dc.language.iso en en
dc.relation.ispartofseries EUI RSCAS DL en
dc.relation.ispartofseries 2011/01 en
dc.relation.ispartofseries Pierre Werner Chair Programme on Monetary Union en
dc.rights info:eu-repo/semantics/openAccess en
dc.subject Euro area en
dc.subject public finance en
dc.subject institutional set up en
dc.subject Optimum Currency Area en
dc.title Optimal Currency Area Revisited en
dc.type Other en
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