Monetary Union and Competition

Tommaso Padoa‐Schioppa

in The Road to Monetary Union in Europe

Published in print December 2000 | ISBN: 9780199241767
Published online November 2003 | e-ISBN: 9780191596742 | DOI:
Monetary Union and Competition

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The publication of the Delors Report in 1989 revived the classic confrontation between the institutional and market components of monetary systems. In the institutional component, public action is fundamental and there is an element of monopoly; legislation, rules, and public bodies play a decisive role. In the market component, private action is fundamental, and there are individual decisions and competition; the customs and habits of individuals are key factors. In this chapter on monetary competition in the process leading to European Monetary Union, the discussion focuses on the discrete and complementary roles of public and private action, institutions and the market, and central banks and currencies.

Keywords: central banks; currencies; EMU; European Monetary Union; institutions; market competition; private action; public action

Chapter.  5465 words. 

Subjects: Macroeconomics and Monetary Economics

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