In the interests of the welfare of the people of western Europe, leaving aside considerations of nostalgia or Euro-political grandiosity, EMU is to be welcomed. The benefits are unlikely to be huge, but they will be several and significant. It does not require acceptance of all the arguments and modelling results of the EC Commission1 to reach this conclusion; some of these were rejected, and others regarded as exaggerated, in the analysis in Chapter 12.
KeywordsExchange Rate Monetary Policy Fiscal Policy Budget Deficit Monetary Union
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