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\nWendy Carlin: Optimal Currency Areas and Governance - The Challenge of Europe (5/8)\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nAfter reviewing the panelists' contributions, Wendy Carlin points out that the expectations of Europe's core and Europe's periphery haven't been met. The core, notably Germany, entered the European Monetary Union with a view to the...\nAfter reviewing the panelists' contributions, Wendy Carlin points out that the expectations of Europe's core and Europe's periphery haven't been met. The core, notably Germany, entered the European Monetary Union with a view to the benefits of a single market. The periphery considered the EMU as a means to achieve price stability. Yet, the institutional wage bargaining that characterizes the German labor market wasn't available in the periphery, and that's one reason why inflation was low in Germany and high in the periphery, says Wendy Carlin. Real interest rates exercised a destabilizing role.

Wendy Carlin is Professor of Economics at the University College London. She is speaking in the panel \"Optimal Currency Areas and Governance: The Challenge of Europe\" at INET's Bretton Woods Conference on April 10, 2011.
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Media Length
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11:33
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Grade
Higher Ed
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Subjects
Social Studies & History
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Instructional Videos
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\nNew Economic Thinking\n\n
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Date
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2011
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Language
English
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For Teacher Use
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Fine Print: Educational Use
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europe, fiscal policy, countries, questions, design, germany
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new economic thinking, inet, wendy carlin, bretton woods, euro crisis, core, periphery, nominal anchor, important aspect, stabilization policy, southern periphery, euro, crisis, kevin, pointed, inside, referred, part, difficult, side, discussion, kind, presentations, focus, eurozone, taking, idea, issue, issues, fact
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