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The ins and outs of European Monetary Union: some public policy issues
Author(s) -
Wood Geoffrey E.
Publication year - 1997
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/1468-0270.00007
Subject(s) - inflation (cosmology) , economics , european monetary union , european union , economic policy , politics , face (sociological concept) , minor (academic) , monetary policy , foundation (evidence) , international economics , economic and monetary union , interest rate , political science , monetary economics , law , sociology , social science , physics , theoretical physics
This paper reviews the problems, other than the foregone benefits of EMU, that would face countries‐either EU members or non‐members closely associated with the EU‐as a consequence of staying outside EMU. Problems both economic and political are discussed, but the primary focus is on economic issues. It is concluded that there may be minor adverse consequences; but they are only a possibility. What is clear is that claims that there will inevitably be major adverse consequences ‐ higher inflation or interest rates, or lower growth, for example ‐ are entirely without foundation.