in Economic and Monetary Union (EMU), net general government borrowing may not exceed 3% of GDP and general government …

The paper emphasizes the distinction between the purely fiscal reasons for fiscal policy coordination under EMU (given … substantial in a two-good EMU. …

the European Union (EU) and the United States. Relative price variability appears to be more important for adjustment … within the EU than the United States, reflecting the lower integration of goods and factor markets. In the absence of higher … market integration, the lower relative price variability implied by the introduction of a single currency in the EU could …

This Paper begins with a discussion of the relation between economics and politics in the construction of EMU. It … this initiative of the late 1980s both built the foundations for and led the way to EMU. It then considers in more detail … arise from the ‘domino effect’ in regional integration and how those relate to EMU. A discussion of the problems of fiscal …

accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of … view, EMU membership should be as early as possible, preferably at the same time as EU membership. The prevailing … EMU membership till two years after EU membership. Unrestricted financial capital mobility would be required during this …

a set of EU countries. Comparable datasets comprising 1-digit sectoral data for 8 US regions and 8 European countries … more important adjustment mechanism in the United States, which has a more integrated labour market than the EU. …