By Robin Leigh-Pemberton
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Extra resources for Future of Monetary Arrangements in Europe
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But this does not imply that real interest rates in the rest of the EEC must rise too; though nominal interest rates are equalised, the same is not true of real rates nor are real exchange rates immutable. Consumers and producers elsewhere are as free as under floating rates to reach optimal voluntary exchanges. The only difference is in monetary transmission. There is no intellectual justification for a regional or fiscal coordination aspect to EMU. EMU is a purely monetary proposal. People have attempted to link other aspects to EMU coat-tails but that is just political opportunism.
Consumers and producers elsewhere are as free as under floating rates to reach optimal voluntary exchanges. The only difference is in monetary transmission. There is no intellectual justification for a regional or fiscal coordination aspect to EMU. EMU is a purely monetary proposal. People have attempted to link other aspects to EMU coat-tails but that is just political opportunism. The Governor has too much truck with this position, even though he comes out right in the end on policy. Britain and the EMS: When Will the Time Be Ripe?
The Delors Report is a monstrous conspiracy of centralism, mounted by an ad hoc alliance of central bankers and bureaucrats whose interests wonderfully coincide in this assault on consumer choice and democratic rights. But let us choke back our indignation and ask, as Mrs Thatcher did after Madrid, for a clear alternative. Suppose the EMS becomes a reformed system without capital controls and with genuine free competition across the financial sectors of Europe. Post-Madrid each country must keep its exchange rate within a narrow band around its parity; the parity can be changed only in extremis.