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?
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© 2005 Jean-Paul Fitoussi and Fiorella Kostoris Padoa Schioppa
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Fitoussi, JP., Schioppa, F.K.P. (2005). The Mirages of Nominal Illusion: Variations on Convergence . In: Fitoussi, JP., Schioppa, F.K.P. (eds) Report on the State of the European Union. Palgrave Macmillan, London. https://doi.org/10.1057/9780230006270_3
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DOI: https://doi.org/10.1057/9780230006270_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-4039-1712-6
Online ISBN: 978-0-230-00627-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)