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Summary

This clear and balanced book brings together economists and political scientists to explain why the creation of a European monetary union is so contentious, how the debate has affected the political determination to construct a monetary union, and how it will influence the functioning of EMU into the next century. Focusing on the interaction of economics and politics, the authors provide an innovative analysis of a spectrum of related issues: how EMU relates to Europe's unemployment crisis, how it will affect the process of economic adjustment, what convergence means for the performance of the member states separately, and how the member states will decide both whether to participate themselves and whom else to admit to the monetary club.

Table of Contents

List of Tables and Figures
vii
Preface ix
EMU: Economics and Politics
1(12)
Jeffry Frieden
Daniel Gros
Erik Jones
Monetary Union and European Unemployment
13(40)
Jose Vinals
Juan F. Jimeno
External Shocks and Labor Mobility: How Important Are They for EMU?
53(30)
Daniel Gros
Fiscal Deficit Reductions in Line with the Maastricht Criteria for Monetary Union: An Empirical Analysis
83(42)
A. J. Hughes Hallett
Peter McAdam
Monetary Union with Variable Geometry
125(38)
Jean Pisani-Ferry
The Political Economy of European Monetary Union: A Conceptual Overview
163(24)
Jeffry Frieden
Erik Jones
A Note on Data Sources 187(2)
References 189(12)
Index 201(4)
List of Editors and Contributors 205

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