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Integración Monetaria: La Experiencia durante los Primeros Años del Euro

The process whereby monetary unification of certain countries of the European Union was achieved is studied, as also the experience of the beginning years of the euro’s existence. The author first describes the effect that the euro has had upon the commercial and financial integration of the Union’s members. Thereafter, the monetary and fiscal policy of the Monetary Union is analyzed. It is considered that the European Central Bank has been successful in establishing the credibility of its monetary policy as based upon a targeted inflation rate.

However, with respect to its fiscal policy, the author arrives at the conclusion that the weakening of control over the potential tendency towards a deficitary fiscal stance could pose a threat in the Monetary Area for the European Central Bank’s credibility. The international functions of a currency are also analyzed, and the evolution of the euro as an inter- national currency for both private and official use is studied.