Abstract
It may appear at first sight that the EMU has done everything possible to maintain stable monetary and credit conditions. National currencies were substituted for a common currency whose stability rests upon restrictions on fiscal deficits and inflation.
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Notes
- 1.
For a lucid treatment, see Kirzner (1979), pp. 146–151, also pp. 26–29.
- 2.
“Subjectivism suggests that things about which men are completely ignorant are things that, in the sense relevant to economic theory, simply do not exist”.
References
Hayek FA (1990) Denationalization of money, 3rd edn. The Institute for Economic Affairs, London
Kirzner (1979) Israel, perception, opportunity, and Profit. University of Chicago Press, Chicago
Rothbard M (1983) America’s great depression, 5th edn. Mises Institute
von Mises L (1912) The theory of money and credit, Yale University Press, New Haven (translated 1953)
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Tsionas, E.G. (2014). On Sound Money and Credit Conditions. In: The Euro and International Financial Stability. Financial and Monetary Policy Studies, vol 37. Springer, Cham. https://doi.org/10.1007/978-3-319-01171-4_13
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DOI: https://doi.org/10.1007/978-3-319-01171-4_13
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