NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Monnet's Error?

Luigi Guiso, Paola Sapienza, Luigi Zingales

NBER Working Paper No. 21121
Issued in April 2015
NBER Program(s):   IFM   ME

Entering a currency union without any political union European countries have taken a gamble: will the needs of the currency union force a political integration (as anticipated by Monnet) or will the tensions create a backlash, as suggested by Kaldor, Friedman and many others? We try to answer this question by analyzing the cross sectional and time series variation in pro-European sentiments in the EU 15 countries. The 1992 Maastricht Treaty seems to have reduced the pro-Europe sentiment as does the 2010 Eurozone crisis. Yet, in spite of the worst recession in recent history, the Europeans still support the common currency. Europe seems trapped: there is no desire to go backward, no interest in going forward, but it is economically unsustainable to stay still.

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Document Object Identifier (DOI): 10.3386/w21121

Published: Luigi Guiso & Paola Sapienza & Luigi Zingales, 2016. "Monnet’s error?," Economic Policy, CEPR;CES;MSH, vol. 31(86), pages 247-297. citation courtesy of

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