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The Road Not Taken: A Comparison Between the Hard ECU and the E uro
Author(s) -
Phelan John
Publication year - 2015
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/ecaf.12142
Subject(s) - trilemma , context (archaeology) , politics , economics , european union , european monetary union , international economics , monetary economics , keynesian economics , political science , monetary policy , geography , law , archaeology
In the context of the Eurozone crisis this paper re‐examines the Hard ECU using the concepts of the macroeconomic trilemma and the political trilemma. We find that the Hard ECU would have been less economically and politically damaging than the euro. We conclude that it was a superior approach to monetary union.