Celebrating humanity's flourishing through the spread of capitalism and the rule of law
03 Feb 2024 Leave a comment
in budget deficits, currency unions, economic history, economics of bureaucracy, Euro crisis, fiscal policy, global financial crisis (GFC), great recession, inflation targeting, macroeconomics, monetary economics, Public Choice Tags: Euro
The euro technically started in 1999, when the 11 founding European members of the currency agreed to keep their exchange rates fixed and to hand over monetary policy to the European Central Bank. The euro then became the actual currency that people and firms used in 2002. I confess that, back in the early 1990s,…
The Euro at 25
28 Aug 2020 Leave a comment
in business cycles, development economics, econometerics, economic growth, economic history, economics of bureaucracy, economics of crime, entrepreneurship, Euro crisis, financial economics, global financial crisis (GFC), growth disasters, growth miracles, history of economic thought, industrial organisation, labour economics, labour supply, law and economics, macroeconomics, monetarism, monetary economics, property rights, Public Choice, public economics, rentseeking Tags: bribery and corruption, currency unions, Euro, monetary policy
13 Oct 2017 Leave a comment
in currency unions, international economics, monetary economics Tags: Euro, Tom Sargent
25 Jul 2015 Leave a comment
in currency unions, Euro crisis, international economics, macroeconomics Tags: Common market, customs unions, economics of immigration, EU, Euro, Euroland, European free trade area, European Union, free trade agreements, free trade areas, open borders, preferential trading agreements
AMAZING chart on European integration. One to pin to your office wall. Nice job by @Nic_Koenig delorsinstitut.de/2015/wp-conten… http://t.co/zZbOA29mYP—
Maxime Sbaihi (@MxSba) July 24, 2015
25 Nov 2014 Leave a comment
in Euro crisis Tags: Euro
#Europe's investment still in limbo. @Bruegel_org @EIBtheEUbank @EBRD @wef @WorldBank bruegel.org/nc/blog/detail… http://t.co/pq8vW4GFQd—
Dr. Mario (@RomanianRomance) November 25, 2014
23 Jun 2014 Leave a comment
in currency unions, Euro crisis, macroeconomics, Milton Friedman Tags: Euro, optimal currency areas
I think the euro is in its honeymoon phase. I hope it succeeds, but I have very low expectations for it.
I think that differences are going to accumulate among the various countries and that non-synchronous shocks are going to affect them. Right now, Ireland is a very different state; it needs a very different monetary policy from that of Spain or Italy.
You know, the various countries in the euro are not a natural currency trading group. They are not a currency area. There is very little mobility of people among the countries.
They have extensive controls and regulations and rules, and so they need some kind of an adjustment mechanism to adjust to asynchronous shocks—and the floating exchange rate gave them one. They have no mechanism now.
If we look back at recent history, they’ve tried in the past to have rigid exchange rates, and each time it has broken down. 1992, 1993, you had the crises. Before that, Europe had the snake, and then it broke down into something else.
So the verdict isn’t in on the euro. It’s only a year old. Give it time to develop its troubles (2000)
AND
The drive for the Euro has been motivated by politics not economics.
The aim has been to link Germany and France so closely as to make a future European war impossible, and to set the stage for a federal United States of Europe.
I believe that adoption of the Euro would have the opposite effect.
It would exacerbate political tensions by converting divergent shocks that could have been readily accommodated by exchange rate changes into divisive political issues.
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