European Monetary Union: Recent evolution and perspectives

Vol. 20 No. 1 (2000)

Jan-Mar / 2000
Published January 1, 2000
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Nunes, Ricardo da Costa, and Selene Peres Peres Nunes. 2000. “European Monetary Union: Recent Evolution and Perspectives”. Brazilian Journal of Political Economy 20 (1):52-74. https://doi.org/10.1590/0101-31572000-1064.

European Monetary Union: Recent evolution and perspectives

Ricardo da Costa Nunes
Secretaria do Tesouro Nacional/MF, cedido para a Secretaria de Assuntos Internacionais do Ministério de Planejamento, Orçamento e Gestão/MP.
Selene Peres Peres Nunes
Secretaria do Tesouro Nacional/MF, cedida para a Assessoria Econômica do Ministério de Planejamento, Orçamento e Gestão/MP.
Brazilian Journal of Political Economy, Vol. 20 No. 1 (2000), Jan-Mar / 2000, Pages 52-74

Abstract

This paper discusses the uniqueness and the stability of the proposed model
for the European Monetary Union – EMU, pointing out some of the difficulties faced in its
implementation and the chances of surpassing them. It also suggests how all the points of
European monetary integration – central bank independence, balanced budget and stability
of the exchange rate within a certain band of fluctuation – are sustained upon the proposition
that economy founds auto-adjustment since there is flexibility of wages and prices
and the State’s intervention remains as short as possible. Thus, the need of convergence of
economic and financial EMU’s criterion and the sufficiency of its achievement to a greater
development of Europe in face of other countries bring the discussion back to the theoretical
paradigm.

JEL Classification: F45; F42; F33.


Keywords: European Union monetary union economic integration Euro