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The Euro Crisis and Its Aftermath$
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Jean Pisani-Ferry

Print publication date: 2014

Print ISBN-13: 9780199993338

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780199993338.001.0001

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The Orphan Currency

The Orphan Currency

Chapter:
(p.38) Chapter 5 The Orphan Currency
Source:
The Euro Crisis and Its Aftermath
Author(s):

Jean Pisani-Ferry

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199993338.003.0005

The euro, when launched on January 1, 1999 should have had the staunch support of all the countries that joined the endeavor. However, despite having fought to secure the project’s fate and their countries’ qualification, Europe’s leaders gave the impression that the currency they had created was not really theirs when the European Central Bank took over responsibility for monetary policy in 1999. Most of the promoters of the common currency had hoped that it would lead to substantial changes in the distribution of competences, to strengthened economic governance and policy coordination, and common political institutions. Instead, the euro was born an orphan currency, having been forsaken by the greater European project that gave it meaning. Although the technical preparation and the transition to the new currency was flawless, many countries did not pay attention to their ability to function in a monetary union, and what this would require in terms of adapting economic policy.

Keywords:   euro, Maastricht Treaty, European Central Bank, monetary policy, Europe, European Exchange-Rate Mechanism, monetary union, Finland

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