The Economics of International Integration, Second Edition

The Economics of International Integration, Second Edition

Miroslav N. Jovanović

The dissipating multilateral trading system and splintering in a number of trading blocs and arrangements has been one of the most important issues in international economics, particularly after the establishment of the World Trade Organisation in 1995 and especially during the Doha Round (2001-13). This book takes on those and new issues such as integration through spatially fragmented production and operation of supply chains. It also reviews various existing and emerging integration arrangements and their achievements. International economic integration deals are here to stay and evolve with variable successes in spite of advantages offered by the multilateral trading system.

Chapter 6: Economic union

Miroslav N. Jovanović

Subjects: economics and finance, international economics, regional economics, urban and regional studies, regional economics


Chapter 6 examines economic unions. Monetary, fiscal, industrial and regional (spatial location of firms/industries) policies are considered in turn. The point is that all these policies in an economic union can be defended by the same arguments that are used to justify similar policies in a single country consisting of several regions. Monetary policy is the area where the effects of integration are felt first. The eurozone – its origin, controversies and uncertain future – is considered in detail. Fiscal policy refers to taxation and budgetary problems among countries.

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