Generally, on economic grounds, southern countries such as Italy, Spain, and Greece are more inclined to join a MU because, by linking to the core countries of Europe, they should gain stability. In effect, the countries which have the most volatile currencies and the worst managed economies (Italy and Greece) have the greatest interest in a MU in the hope of gaining the economic stability that they have been unable to achieve on their own (EMU - The Main Points 1 - 38). Moreover, they would receive transfer payments from the wealthier countries which would help speed their domestic development.
Some of these economic rewards would come at the expense of the core countries. While the countries with strong currencies (Germany and France) are less interested in a MU for economic reasons, and have less or little to gain economically, they (or their leaders) favor union for political reasons , as long as the economic price of admitting the poorly managed southern countries can be held down (EMU - The Main Points). These are not minor concerns. Th...
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...anhoonacker. Netherlands: martinus Nijhoff Pub, 1994. 17 - 44.
Bishop, Graham. European Investment Research, Economic and Market Analysis: Eculand - Its Future? London: Reuters, 1992. 1 - 15.
Desideri, Carlo. "Italian Regions in the European Community." The European Union and the Regions. Ed. Barry Jones and Michael Keating. Oxford: Clarendon Press, 1995. 65 - 87.
EMU: The Main Points. Bank Leu Ltd. Zurich: Reuters, 1995. 1-38.
Sandholtz, Wayne. "Choosing Union: Monetary Politics and Maastricht." The European Union: Readings on the Theory and Practice of European Integration.
Ed. Brent F. Nelsen and Alexander C-G. Stubb. Colorado: Lynne Reinner Pub,
1994. 257 - 290.
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