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What Have we Learnt about Monetary Integration since the Maastricht Treaty? *
Author(s) -
DE GRAUWE PAUL
Publication year - 2006
Publication title -
jcms: journal of common market studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.54
H-Index - 90
eISSN - 1468-5965
pISSN - 0021-9886
DOI - 10.1111/j.1468-5965.2006.00659.x
Subject(s) - maastricht treaty , monetarism , keynesian economics , economics , business cycle , treaty , feature integration theory , economic and monetary union , politics , monetary policy , international economics , european monetary union , representation (politics) , political union , european integration , european union , macroeconomics , political science , law , psychology , cognitive psychology
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 a remarkable achievement, but remains fragile because of the absence of a sufficient degree of political union.