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There Was No Analytical Alternative to the Theory of Optimum Currency Areas
Ist Teil von
Econ journal watch, 2010-01, Vol.7 (1), p.73
Ort / Verlag
Fairfax: Fraser Institute
Erscheinungsjahr
2010
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
Lars Jonung and Eoin Drea have produced a remarkably thorough and fair account of U.S. economists views on EMU during the years before it came into being. I cannot quarrel with their account of my own views, or those of others with whose work I am familiar, as they evolved during the period they cover. There was, I agree, excessive reliance by U.S. economists on the theory of optimum currency areas, which posited a binary choice between fixed and floating exchange rates, and these were not the options that bounded the evolution of European thinking.