, Volume 33, Issue 3, pp 112–117 | Cite as

Facing the Euro: Prospects for growth or stagnation?

  • Paul J. J. Welfens


The introduction of the euro has been overshadowed by the controversy over the appointment of the president of the European central bank and the possible implications for the bank’s policies. The effects of the launching of the single currency on growth and employment depend on a multitude of factors, however. Professor Welfens analyses the potential benefits of EMU and discusses the problems to be solved.


Monetary Policy Fiscal Policy Euro Area Real Interest Rate European Central Bank 
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  1. 1.
    See e.g. P. B. Kenen: Economic and Monetary Union in Europe. Moving Beyond Maastricht, Cambridge 1995; P. J. J. Welfens: European Monetary Integration, 3rd ed., Heidelberg and New York 1996.Google Scholar
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    See P. J. J. Welfens and H. Wolf (eds.): Banking, International Capital Flows and Economic Growth, Heidelberg and New York 1997.Google Scholar
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    See IFO: Ifo schnelldienst, No. 9, 1997.Google Scholar
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    See P. J. J. Welfens and A. Jungmittag: Political Economy of EMU and Stabilization, Policy, in: P. J. J. Welfens (ed.): European Monetary Union, Heidelberg and New York 1997, p. 331–392.Google Scholar
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    See J. T. Addison and P. J. J. Welfens (eds.): Labor Markets and Social Security. Heidelberg and New York 1998.Google Scholar
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    See P. J. J. Welfens: Growth and Full Employment in the European Union, Discussion Paper No. 201, Westfälische Wilhelms-Universität, Münster 1994.Google Scholar
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    See G. Garrett and C. Way: The Sectoral Composition of Trade Unions, Corporatism, and Economic Performance, in: B. Eichengreen, J. Frieden and J. von Hagen (eds.): Monetary and Fiscal Policy in an Integrated Europe, Heidelberg and New York 1995.Google Scholar

Copyright information

© HWWA and Springer-Verlag 1998

Authors and Affiliations

  • Paul J. J. Welfens
    • 1
  1. 1.University of Potsdam and European Institute for International Economic RelationsPotsdamGermany

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