'After the stability and growth pact: Can the Euro club still calculate comparative advantage?'

摘要

The European Union celebrated a great achievement in the years following the signing of the Maastricht Treaty. The unification of monetary policy and national currencies among twelve of its fifteen member states was smoothly executed, and the formation of the ECB was hailed as a milestone of European integration. In the chronicles of European history, the creation of the EMU was a giant step in the evolution of a federal Union, and by law it can not be reversed ... no matter how many economists object.