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The Mirages of Nominal Illusion: Variations on Convergence

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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Submitted on : Friday, October 22, 2021 - 10:50:02 PM
Last modification on : Tuesday, January 25, 2022 - 3:18:03 PM


  • HAL Id : hal-03398105, version 1
  • SCIENCESPO : 2441/3101



Jérôme Creel. The Mirages of Nominal Illusion: Variations on Convergence. Fiorella Kostoris Padoa Schioppa; Jean-Paul Fitoussi. Report on the State of the European Union, Palgrave Macmillan, pp.59 - 70, 2005, 1403917116. ⟨hal-03398105⟩



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