International Business

Euro As Politics by Pedro Schwartz

By Pedro Schwartz

The British govt has concentrated the dialogue at the adoption of the Euro on its fiscal results. when there are fiscal arguments for the united kingdom becoming a member of the Euro, these arguments aren't a question of 'life and death'. The political implications of the united kingdom becoming a member of the Euro are even more vital. the following the main an important facets of the controversy usually are not notions of 'sovereignty' at the one hand or 'maintaining impression' at the different: the major cause to take care of sterling might be to make sure 'monetary competition'. pageant among currencies will make it much less most likely that important banks will create inflation. financial festival may still shape a part of a extra normal political package.Monetary preparations will strongly impression the type of ecu Union we construct, and the arguments in "The Euro as Politics" will be utilized to a variety of ecu coverage components. Professor Schwartz argues that the united kingdom should still search to construct a free-trade Europe established upon festival and never dependent upon harmonization of legislation and legislation.

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With fiat money, commercial banking, electronic accounting and a liquid market for government bonds, the ability of governments (through their central banks) to reap nominal seignorage has become larger, as: 63 23/6/04 2:19:03 pm the euro as poli tics • the material from which coins are made is less expensive than gold and silver; • the denomination of notes can be as large as the central bank wishes with the same production cost as for small denominations; • the cost of maintaining the commercial banks’ cash base electronically at the central bank is infinitesimal; • the standardisation of virtual bond markets widens the market for, and reduces the cost of, public debt.

See Eltis (2000: 55–6). 75 23/6/04 2:19:05 pm the euro as poli tics 8 The euro will reinforce the perception that Europe is becoming one of the world’s major power blocs Europe should not only be able to hold its own with the USA and emerging Asian powers in economic matters but should also have its own voice in political questions. The end of the cold war propelled the USA into the role of sole great power. But other centres of power may be forming in the Far East, and the present American monopoly cannot last for ever.

A more realistic solution may be monetary competition. * I have used Febrero (1998) in writing this summary. ** Muth (1961), as quoted by Sargent (1987: 76c). indb 88-89 d o e s m o n e y m at t e r ? the end; and an effective policy (or at least one capable of being evaluated and recommended) must base itself on creating permanent expectations. 2 In sum, the long tradition that money is neutral and can only impinge on the real economy for the worse if central bankers act strategically and discretionally has been taken up again with renewed force by the ‘inter-temporal’ or ‘expectations’ school of macroeconomics (Lucas, 1972).

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