In this paper I seek to establish four points:- (1) EMU will be a much tighter and more ambitious regime than the gold standard. (2) Should,d misalignment occur under EMU, it could lead to considerable political tension, since most of the short-term economic safety valves are of limited efficacy. (3) While a single currency certainly supports a single market, the claim that the former is necessary for the latter is contentious. (4) Not only would some well-designed federal fiscal stabilisation help to maintain a single currency, especially on political grounds, but also a single currency could reduce national objections to greater fiscal federalism.
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