Titlebook: EMU — A Swedish Perspective; Lars Calmfors,Harry Flam,Anders Vredin Book 1997 Springer Science+Business Media Dordrecht 1997 European Unio

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experiences of various exchange-rate systems. Even if the European monetary union is unique in a historical perspective, lessons from other international monetary arrangements can be useful in an analysis of the consequences of introducing a single currency. Section 3.4 summarises the most important conclusions.

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Inflation and the Credibility Problem of Monetary Policy,sued by the .. In such a case, membership in the monetary union would bring economic benefits that should be weighed against the reduction in Sweden’s ability to stabilise the domestic economy when country-specific disturbances occur.

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Fiscal Policy and the EMU,and. The Maastricht Treaty contains . for the size of government budget deficits and debts in each country. These rules were amended in the Stability and Growth Pact. There is also an ongoing discussion on what demands for flexibility of fiscal policy that arise because of the loss of monetary policy autonomy in a currency union.

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Two possible consequences of a European monetary union are often contrasted with each other. On one hand, membership of the union can mean higher credibility for low inflation. On the other, the loss of monetary policy independence means less freedom of action in stabilisation policy and thus a risk of larger fluctuations in output and employment.