The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact...

This book examines the monetary integration of the group of countries which constitute the Economic and Monetary Union (EMU), signalling the emergence of a truly European economy. The authors devote their considerable expertise to the analysis of macroeconomic policies within EMU and the...