De monetaire crisis, het vraagstuk van het optimale valuta-areaal en de Eurofese monetaire unie

Summary

The world seems to be moving in the direction of a system of greater flexibility of the rates of exchange. This raises the problem of the desirability or otherwise of the formation of currency blocks with mutually fixed rates of exchange. In this connection the various theories of optimum currency areas are examined. It is found that they can be of little help in guiding policy decisions. Special attention is given to the argument for and against European monetary union in the recent literature. Caution is recommended with regard to irrevocably fixed rates of exchange at an early stage.