The trilemma of a monetary union: Another impossible trinity

A monetary union among autonomous countries cannot simultaneously maintain an independent monetary policy, national fiscal sovereignty and a no-bailout clause. These three features make up an impossible trinity, and attempts to preserve all three concurrently will ultimately end in failure. In order to save EMU, one of these three must be abandoned.

[Full text of articles can be found in the Intereconomics Archive two years after the initial publication]

Intereconomics: Archive http://archive.intereconomics.eu/years/

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