NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

On the Feasibility of a One or Multi-Speed European Monetary Union

Alberto Alesina, Vittorio Grilli

NBER Working Paper No. 4350
Issued in April 1993
NBER Program(s):   IFM

This paper addresses two questions: (1) Is a twelve country monetary union in Europe feasible; (2) Can monetary union be achieved at multi-speed, i.e., with a rust group of countries going first, and later admitting the others? After examining several politico-economic arguments concerning problems of feasibility of the union, we conclude with a fair amount of skepticism concerning the multi-speed idea. We show that the final result of the process of monetary integration is dependent upon at "how many speeds" Europe will proceed. Our discussion of feasibility shed some light on the political economy of the recent (Fall of 1992) turmoil in the monetary system of Europe.

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Document Object Identifier (DOI): 10.3386/w4350

Published: Alesina, Alberto and Vittorio Grilli. “On the Feasibility of a One-Speed or a Multi-Speed European Monetary Union." Economics and Politics 5 (July 1993): 145-66.

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