Resumen de The (Past and) Future of European Currencies

Giancarlo Corsetti, Paolo Pesenti

• The paper casts the analysis of recent monetary developments in Europe and the future prospects for Economic and Monetary Union in historical perspective. The first part (the ¿past¿) reconstructs the long march toward monetary union. The second part (the ¿present¿) briefly introduces the monetary framework of the Eurosystem, arguing that at the very core of the current policy debate are the costs and benefits of ¿continuity¿ between current and past policy strategies in Europe. The third part (the ¿future¿) discusses whether the Economic and Monetary Union will be able to act as a catalyst for future financial and economic integration in Europe, notwithstanding the many asymmetries that characterize the current outlook.