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Alice in Euroland

Buiter, Willem H. (1999) Alice in Euroland. Journal of Common Market Studies, 37 (2). pp. 181-209. ISSN 0021-9886

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Identification Number: 10.1111/1468-5965.00159


The article contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is, 'Great idea, shame about the execution'. A number of improvements are then proposed. Some of these require amending the Treaty, including an end to the rule that each EMU member's national central bank has a seat on the Governing Council or the removal of the power of the Council of Ministers to give 'general orientations' for exchange rate policy. Others, notably in the areas of accountability, openness and transparency, could be implemented immediately, including publication of voting records, minutes and the inflation forecast. Improved arrangements are also advocated for the co-ordination of monetary and fiscal policy. And the article calls for a European Parliament that can both bark and bite.

Item Type: Article
Official URL:
Additional Information: © 1999 John Wiley & Sons, Inc.
Divisions: European Institute
Centre for Economic Performance
Subjects: H Social Sciences > HG Finance
Date Deposited: 30 Mar 2009 13:36
Last Modified: 30 Jun 2024 03:45

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