Competition, Coordination and Diversity

Competition, Coordination and Diversity

From the Firm to Economic Integration

New Thinking in Political Economy series

Pascal Salin

Competition, or the freedom to enter into a market, contributes greatly to the differentiation of human activities and therefore to economic progress. This fascinating book highlights the similarities between human systems at both the micro and macro level, and demonstrates how competition can positively affect the economic workings of firms and countries.

Chapter 11: A competitive approach to monetary integration

Pascal Salin

Subjects: economics and finance, austrian economics


For the time being, the euro is the legal currency in 17 countries of the eurozone. These countries joined the eurozone at different dates, but they all had to comply with the “Maastricht criteria” before they could perform the great jump consisting of replacing overnight their national currency with the European currency. As some other countries may be considering the opportunity to join the eurozone, it may be useful to evaluate the official path to monetary integration that has been used in the past by present members of the eurozone (Section 1).

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