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The Politics of the Euro-ZoneStability or Breakdown?$
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Kenneth Dyson

Print publication date: 2000

Print ISBN-13: 9780199241651

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199241651.001.0001

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The Problem of Stability in the Euro‐Zone: Lessons from History and Economics

The Problem of Stability in the Euro‐Zone: Lessons from History and Economics

Chapter:
(p.145) 5. The Problem of Stability in the Euro‐Zone: Lessons from History and Economics
Source:
The Politics of the Euro-Zone
Author(s):

Kenneth Dyson (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199241651.003.0006

This chapter seeks to analyse prospects for the Euro‐zone's stability in terms of comparative history and economic theory. It begins by comparing the Euro‐zone with earlier examples of national currency unification, and with the Bretton Woods system, focusing, in particular, on the formative experiences of the 20‐year period of the European Monetary System (EMS). The chapter goes on to discuss the meaning and sources of stability in economic theory, especially optimum currency area theory, neo‐liberal theory about labour markets, credibility theory, and ‘regulation’ theory. Particular attention is paid to the weaknesses of these theories in dealing with the crucial political dimension of Euro‐zone stability. It will be important for Euro‐zone stability that ECB and monetary policy planners do more than recognize that ‘politics matters’ for stability, and pay adequate attention to factoring political realities into their theories and models.

Keywords:   Euro‐zone, monetary policy, stability

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