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What Kind of Europe?$
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Loukas Tsoukalis

Print publication date: 2005

Print ISBN-13: 9780199279487

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199279489.001.0001

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EMU: A Unifying Factor

EMU: A Unifying Factor

(p.142) 6 EMU: A Unifying Factor
What Kind of Europe?

Loukas Tsoukalis (Contributor Webpage)

Oxford University Press

This chapter presents a brief history of the economic and monetary union (EMU) in Europe, and examines its implications for the future of European integration. It argues that the EMU is a high-risk strategy, given the combination of fixed exchange rates and ‘one-size-fits-all’ monetary policy with very weak adjustment mechanisms and economic divergence. If managed badly, the EMU would have a negative effect on output and employment for the EU as a whole. The success of the EMU rests on a stronger and more integrated EU in both political and economic terms, as well as major structural reforms.

Keywords:   Europe, integration, economic policy, EU, economic and monetary union

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