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The Mirages of Nominal Illusion: Variations on Convergence

  • Jean-Paul Fitoussi
  • Fiorella Kostoris Padoa Schioppa

Abstract

The euro, the European single currency, was launched in Europe on 1 January 1999, and the subsequent Economic and Monetary Union (EMU) now comprises virtually all European Union (EU) members, namely twelve countries out of fifteen; the United Kingdom, Denmark and Sweden chose to opt out. However successful, economic policy management has never produced a perfect solution to a certain number of fundamental issues. How can a single monetary policy be made compatible with specific economic backgrounds (economic cycles, inflation); independent and yet capped fiscal policies; distinct labour markets; and different economic and social patterns?

Keywords

European Union Euro Area European Central Bank Monetary Union Nominal Interest Rate 
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Copyright information

© Jean-Paul Fitoussi and Fiorella Kostoris Padoa Schioppa 2005

Authors and Affiliations

  • Jean-Paul Fitoussi
  • Fiorella Kostoris Padoa Schioppa

There are no affiliations available

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