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European Economic and Monetary Union: from the Past into the Future

Author(s): Jean-Claude Trichet

Date published: Sep 2019

SUERF Policy Note, Issue No 93
by Jean-Claude Trichet, Former President of the European Central Bank

 

JEL-codes: E5, E6.
Keywords: EMU, euro, financial crisi, euro sentiment, economic growth, economic convergence, euro area governance.


When reading academic works, published observations, articles signed by specialized journalists as well as articles for a large public, coming particularly from non-European countries, there is often the remark that the euro had been a disappointment. The single currency economic performance is supposed to be very poor, particularly in comparison with the USA. The impact of Economic Monetary Union (EMU) on public opinion in member countries is deemed negative, dividing countries and eroding confidence in the European project.

I think that this is a wrong view, which does not represent reality, is deeply misleading and can drive foreign governments, leaders, economic agents and market participants to make wrong decisions. The fact that there is a significant international view which is not correct does not really surprise me: the existence of a negative bias against the single currency has been observed since the inception of the euro.

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SUERF Policy Note, Issue No 93SUERF Policy Note, Issue No 93

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