The euro and the EMU: lessons for Mercosur

Academic debate in South America favours a MERCOSUR monetary union based on the euro and the Economic and Monetary Union (EMU), and inspired by the theory of Optimal Currency Area (OCA). This paper aims to discuss whether the adoption of a single currency in the EMU mould of monetary union, is appro...

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Detalles Bibliográficos
Autores principales: Philip Arestis, Fernando Ferrari-Filho, Luiz Fernando de Paula, Malcolm Sawyer
Formato: Artículo científico
Publicado: Universidad Central de Venezuela 2003
Materias:
Economía y Finanzas
Economic and monetary union
Mercosur
optimum currency area
Acceso en línea:http://www.redalyc.org/articulo.oa?id=36490109
http://biblioteca.clacso.edu.ar/gsdl/cgi-bin/library.cgi?a=d&c=ve/ve-004&d=36490109oai
Aporte de:
Red de Bibliotecas Virtuales de Ciencias Sociales (CLACSO) de Consejo Latinoamericano de Ciencias Sociales
id I16-R122-36490109oai
record_format dspace
institution Consejo Latinoamericano de Ciencias Sociales
institution_str I-16
repository_str R-122
collection Red de Bibliotecas Virtuales de Ciencias Sociales (CLACSO)
topic Economía y Finanzas
Economic and monetary union
Mercosur
optimum currency area
spellingShingle Economía y Finanzas
Economic and monetary union
Mercosur
optimum currency area
Philip Arestis
Fernando Ferrari-Filho
Luiz Fernando de Paula
Malcolm Sawyer
The euro and the EMU: lessons for Mercosur
topic_facet Economía y Finanzas
Economic and monetary union
Mercosur
optimum currency area
description Academic debate in South America favours a MERCOSUR monetary union based on the euro and the Economic and Monetary Union (EMU), and inspired by the theory of Optimal Currency Area (OCA). This paper aims to discuss whether the adoption of a single currency in the EMU mould of monetary union, is appropriate and feasible for the MERCOSUR. Three lessons are derived for MERCOSUR from the euro and the EMU experience: the adoption of the EMU model of monetary union would imply deflationary policies; there is the dilemma of sequencing between political union and economic integration; and the necessity of accounting seriously the concerns of the OCA literature. The paper also shows that there is no evidence that macroeconomic convergence is evident in MERCOSUR, since the area only minimally achieved some basic criteria defined by the OCA literature.
format Artículo científico
Artículo científico
author Philip Arestis
Fernando Ferrari-Filho
Luiz Fernando de Paula
Malcolm Sawyer
author_facet Philip Arestis
Fernando Ferrari-Filho
Luiz Fernando de Paula
Malcolm Sawyer
author_sort Philip Arestis
title The euro and the EMU: lessons for Mercosur
title_short The euro and the EMU: lessons for Mercosur
title_full The euro and the EMU: lessons for Mercosur
title_fullStr The euro and the EMU: lessons for Mercosur
title_full_unstemmed The euro and the EMU: lessons for Mercosur
title_sort euro and the emu: lessons for mercosur
publisher Universidad Central de Venezuela
publishDate 2003
url http://www.redalyc.org/articulo.oa?id=36490109
http://biblioteca.clacso.edu.ar/gsdl/cgi-bin/library.cgi?a=d&c=ve/ve-004&d=36490109oai
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