8. Imagine that the EMS became a monetary union with a single currency but that it created...
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8. Imagine that the EMS became a monetary union with a single currency but that it created no European Central Bank to manage this currency. Instead, imagine that the task was left to the various national central banks, each of which was allowed to issue as much of the European currency as it liked and to conduct open-market operations.
What problems can you foresee arising from such a scheme?
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Related Book For
International Economics Theory And Policy
ISBN: 9780321116399
6th Edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc Melitz
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