Financial Markets Matter More than Fiscal Institutions for the Success of the Euro

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Series Details Vol.51, No.4, November 2016, p29-39
Publication Date November 2016
ISSN 0393-2729
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Many argue that the euro is handicapped as a currency because European governments are unwilling to pool responsibility for fiscal policy in common institutions. This article contests the idea that a monetary union needs a fiscal union to work and states that the key to Europe's future is financial stability and not fiscal federalism.

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