Sweden's Srejber on monetary union

In the speech 'Frameworks and stabilisation policy in a monetary union' given on 17 August Eva Srejber of the Sveriges Riksbank said when discussing whether or not to join or form a monetary union, concerns are usually expressed that the countries in the union at some point will have different needs in terms of stabilisation policy.
In the speech 'Frameworks and stabilisation policy in a monetary union' given on 17 August Eva Srejber of the Sveriges Riksbank said when discussing whether or not to join or form a monetary union, concerns are usually expressed that the countries in the union at some point will have different needs in terms of stabilisation policy.

"Consequently, this then casts doubts on the appropriateness of a common, supranational monetary policy. If one country experiences rapid growth while the neighbouring country is in a pronounced downturn, how should monetary policy respond? On the other hand, this type of problem does exist within countries as well, as different regions' business cycles usually are not perfectly synchronised. Given these two observations, should we strive to create larger or smaller economic entities?

Speech by Sveriges Riksbank first deputy governor Eva Srejber at the Bank of Uganda, 17 August 2006.

Click here to read the speech "Frameworks and stabilisation policy in a monetary union"

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