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European Economic Perspectives 2 
December 1993

IN THIS ISSUE...

Institutions and Markets
Europe must focus on institutional design post-Maastricht.

Balance of Power
Subsidiarity is a reasonable principle but too vague. It cannot replace detailed assessment of policies on a case-by-case basis.

Sensible Centralization
EC merger policy has the right amount of centralization, but not enough transparency.

Building the EMI
The EMI must use its independence to define its roles.

Banking on Independence
An independent central bank provides a monetary anchor, but no single formula for independence suits all countries.


 

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