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A Long Term Perspective on the Euro - Michael Bordo and Harold James

Author(s): Michael Bordo (Rutgers University and NBER) Harold James (Princeton University and European University Institute)

A Long Term Perspective on the Euro - Michael Bordo and Harold James pdf (522 kB) Choose translations of the previous link 

This essay will evaluate the experience of the first decade of EMU and the euro in historical perspective. It will ground the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions. A discussion of the origins, key operating characteristics and problems encountered by earlier monetary arrangements will serve as a backdrop for an evaluation of the euro’s performance and challenges in future decades. The essay will develop and expand upon the following three themes: 1. Lessons from the evolution of past monetary unions for EMU; 2. Fiscal policy arrangements for EMU in historical perspective; 3. Challenges facing EMU. The first two take an historical perspective. The third looks to the future.

JEL classification F15 and N14

(European Economy. Economic Papers 307. February 2008. Brussels. 32pp. Tab. Graph. Bibliogr. )

KC-AI-08-307-EN-C (online)
ISBN 978-92-79-08232-0 (online)
ISSN 1725-3187 (online)

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