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Europe: Common Money – Political Union?
Author(s) -
Issing Otmar
Publication year - 2000
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 - 10.1111/1468-0270.00204
Subject(s) - political union , politics , status quo , single market , common currency , economic integration , economics , economic and monetary union , economic union , currency , currency union , international economics , economic system , european union , european integration , international trade , political science , market economy , macroeconomics , law
Monetary Union marks the crowning step in the process of economic integration in Europe. This scenario of one currency, one market and 11 member countries raises the issue of whether further political integration is needed to complement the union already achieved in the monetary and economic fields. While there are pressures for change to the current status quo from several directions, further political integration will depend on the success of Monetary Union which crucially requires that countries tackle their reform challenges.