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- Title
What do we now know about currency unions?
- Authors
Artis, Michael
- Abstract
The paper presents the text of an inaugural lecture given at the Bank of England in December 2005 in memory of John Flemming. It provides a personal view of the lessons that can be drawn about currency unions from the experience of the European Monetary Union. It argues that business cycle concurrence is a less important criterion for participation than was once believed. Most important is the integration of financial markets and the shrinking of financial premia that individual countries face: this opens the way for countries to share risk, thereby enhancing welfare.
- Subjects
EUROPE; MONETARY unions; FLEMMING, John; BUSINESS cycles; FINANCIAL markets; ECONOMIC activity; INTERNATIONAL economic integration
- Publication
Bank of England Quarterly Bulletin, 2006, Vol 46, Issue 2, p243
- ISSN
0005-5166
- Publication type
Article