“Euro”-Währungsblöcke als Alternative zur europäischen Einheitswährung

Abstract Due to both several criteria for participating in a European Monetary Union and a fixed schedule the process of monetary integration in Europe is stuck in a dilemma. Watering down these conditions would cause problems concerning both stability and acceptance, whereas giving up the time schedule could postpone the project of a European Monetary Union into the unknown future. However, if the monetary union only starts with a few countries, a multi class society will be the result. Due to several reasons this raises the danger of division and of the end of the whole process of European integration. As a solution to this dilemma a parallel integration into currency blocs is proposed. With an optimal number of these “Euro”-blocs it would be possible to benefit from monetary integration without having to give up the stabilizing effects of different currencies.