Original scientific paper

The Single European Currency: Prospects and an Alternative Proposal

Philip Arestis ; University of East London, London, UK
Malcolm Sawyer ; University of Leeds, Leeds, UK

Abstract

This paper appraises the current position of the European Union (EU) countries, which could potentially become members of the Economic and Monetary Union (EMU) which is now likely to materialise in January, 1999, in an attempt to argue that the current EMU criteria should be revised. The paper discusses briefly and critically the Maastricht Treaty arrangements and convergence criteria for the single currency, reviews the current position of all the members of the EU, and presents a proposal for a new Maastricht. This alternative proposal seeks to overcome the deflationary biases in the Maastricht proposals, and suggests for low unemployment rates to be included in the convergence criteria.

Keywords

Maastricht Treaty; economic and monetary union; convergence criteria; unemployment rates

Hrčak ID:

34380

URI

https://hrcak.srce.hr/34380

Publication date:

1.5.1998.

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