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The European Monetary Standard
Abstract disponibile solo in lingua inglese
Monetary unification in Europe is treated as a political and economic issue. Political arguments risk weakening the rationality of economic decisions. Re-examination of the question as a whole highlights the inconsistencies and distortions of the debate in course. In nuce, "monetary unification" loses all meaning if it is not exploited as an opportunity to reflect upon the current monetary system. The risk of merely transposing national monetary mechanisms onto a European scale is to increase the quantum of uncertainty pervading the economic system, thus exacerbating the instability of nominal variables and, at the same time, causing production to subside. The paper concludes with the proposal of an economic policy reducing the problem of monetary unification to the determination of an EEC value standard.