"Moving to a full monetary union in Europe is like putting the cart before the horse. A major shock would result in unbearable pressure within the Union because of limited labour mobility, inadequate fiscal redistribution, and a ECB (European Central Bank) that will probably want to keep monetary conditions tight in order to make the euro as strong as the dollar. This is surely the prescription for major future problems."
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Original Language: English
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Sources
Dominick Salvatore, "The common unresolved problems within EMS and the EMU", American Economic Review, vol. 87, n. 2, pp. 224-226
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