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On the need for macroeconomic planning in market economies: Three examples from the European monetary union project. (English) Zbl 0971.91049
Strøom, Steinar (ed.), Econometrics and economic theory in the 20th century. The Ragnar Frisch centennial symposium. Papers from the symposium held in Oslo, Norway, March 3-5, 1995. Cambridge: Cambridge University Press. Econ. Soc. Monogr. 31, 577-618 (1998).
The author argues that a monetary union is attractive only if it is fiscally and monetarily conservative. It is attractive to member-states which are less conservative and who, if admitted, will loosen its economic policies. Hence, in the views of the author, a monetary union is inherently unstable and bound to failure. These views are quite common among the circle of Euro-skeptic British Economists.
For the entire collection see [Zbl 0944.00092].
91B64 Macroeconomic theory (monetary models, models of taxation)
91B28 Finance etc. (MSC2000)
91B74 Economic models of real-world systems (e.g., electricity markets, etc.)