One Money for Europe by Michele Fratianni, T. Peeters

By Michele Fratianni, T. Peeters

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Far fewer political decisions would be needed once the parallel currency had been decided upon than would be the case if the present programme of policy coordination were continued; and since flexible exchange rates would prevail throughout the transition period, the temporary unemployment would be avoided which would other· wise ensue if the rates of inflation of the Community's countries were adjusted downwards abruptly. An indexed Europa would discourage competitive devaluation and inflation among the member countries, and make it impossible for governments to use inflation as a way of augmenting their tax receipts.

In the presence of such conflicts of doctrine, the creation of EMU becomes difficult, even though all member countries may be able to achieve a common measured rate of inflation at least for a time. Thus, faced with a real prospect of entering into a monetary union, some countries may baulk, EMU: Some Thoughts for Strategy 19 fearing that their ex ante inflation rate will not for long remain as low as the common inflation rate and that they will lose real resources in consequence. b. Integration of markets.

A regime of truly fixed rates implies that the rate of inflation will be approximately equal in all the participating countries. ndent of the world price level which, in turn, is largely dominated by the hegemonial role of the key currency. The case for a return to fixed rates of exchange is extremely weak for the following reasons. First, the claim that such a system eliminated uncertainty in the exchange markets does not correspond with experience, for there have been long stretches of exchange rate stability interspersed by large jumps in parities.

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