U.S.-European Monetary Relations

By Samuel I. Katz; American Enterprise Institute for Public Policy Research, Georgetown University | Go to book overview
Save to active project

A EUROPE-WIDE PARALLEL
CURRENCY

Roland Vaubel

This paper deals with three aspects of the Optica reports: (1) the relationship between the snake approach and the parallel-currency approach, (2) the attractiveness and prospective speed of penetration of a European parallel currency (EPC), and (3) the implications and desirability of attempts to restrict real exchange-rate changes between the currencies of members of the European Communities. The paper cannot go into the details of how the parallel-currency approach could best be implemented, because fundamental adherence to the fixed- exchange-rate philosophy has hindered the Optica group in the prior task of presenting the full case for the parallel-currency approach to European monetary unification.1


A European Parallel Currency and/or Exchange-Rate Unification?

According to the Optica group, the exchange-rate system in the European Economic Community (EEC) should, for the time being, remain flexible to some extent but "evolve with the process of monetary unification to attain fixity in a final state."2 In this final state, "the member countries could still decide whether or not they wished to introduce a single common currency."3 The group hopes to attain "the benefits . . . of a fixed exchange-rate system or, in its extreme formulation, of a single European currency . . . through progressive harmonisa

____________________
Note: The author thanks Harmen Lehment and Jürgen Roth for helpful comments on the first draft.
3
Ibid., p. 25.
1
See Roland Vaubel, "The Parallel-Currency Approach to European Monetary Unification and the Search for a New European Unit of Account," prepared for the Commission of the European Communities study group, Unité Monétaire Européenne ( Brussels, 1976), pp. 15-66; and Vaubel, Strategies for Currency Unification: The Economics of Currency Competition and the Case for a European Parallel Currency, Kieler Studien, 156 ( Tübingen: J. C. B. Mohr, 1978).
2
Study Group on Optimum Currency Areas (Optica Group), Towards Economic Equilibrium and Monetary Unification in Europe (1975 Report) ( Brussels: Commission of the EC, 1976), p. 40.

-156-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
U.S.-European Monetary Relations
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen
/ 284

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.