International Monetary Policy after the Euro
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International Monetary Policy after the Euro

Edited by Robert A. Mundell, Paul J. Zak and Derek Schaeffer

This fascinating book, a dialogue by leading economists, offers an extensive review of the impact of the introduction of the euro on the international monetary system.
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Chapter 4: International aspects of the euro

W. Max Corden


Introduced by W. Max Corden MAX CORDEN: We have one hour to talk about the international aspects of the euro. I know I can’t really control what anybody does or says, but I thought it would be useful to give a classification so you could at least say what you were talking about, so we have some idea of where your argument fits in. There are two main issues here: one has to do with enlargement and the other has to do with the euro in the world economy, with particular reference to the dollar–yen–euro exchange rate. Secondly, you could be either talking about explaining some actual events that have taken place, notably the depreciation in the value of the euro, and as well as discuss the future, what you think should take place. It might be useful when you talk to say where your argument fits into this simple taxonomy; it makes it easier for us to follow where things are going. AXEL LEIJONHUFVUD : My comment is partly prompted by what [Richard] Cooper had to say at the end of the last session, although I may be trampling on your line between the internal and external. What I have to say is the following: when I got into economics in the late 1950s, and for quite sometime thereafter, in macroeconomics one talked about a world that was perceived to consist of a private sector that was unstable and prone to waves of optimism, pessimism and what...

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