European Monetary Integration: EMS Developments and by Paul J. J. Welfens (auth.), Prof. Dr. Paul J. J. Welfens

By Paul J. J. Welfens (auth.), Prof. Dr. Paul J. J. Welfens (eds.)

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The latter may be defined by a situation in which the social rate of return of expenditures financed through government borrowing is lower than the real interest rate. Given the many problems to ensure efficient government programs the social return on investment of many government programs is probably close to zero and rarely can one expect a competitive return on investment. This is not to say that government borrowing for fighting recessions could not be justified on economic grounds, but the poor track record of governments actually repaying debt during boom situations raises doubts about the ability of political systems to adopt prudent intertemporal financing and expenditure schemes.

And sometimes nationalistic perspectives influence politics again. Weakening EC cohesion could indeed result not only from increasing internal political conflicts in the ECl2 group, but EC widening could furthermore weaken the political cohesion as decision-making becomes more complicated, ineffective and inefficient in an enlarged Community. If political unification or at least stable 41 and efficient political schemes for achieving intra-community consensus, competition and coordination were a prerequisite for a viable currency union or unification, EC widening - whether towards Scandinavia or central and eastern Europe - would be the wrong step.

Tradables vs. 6%; see Tab. 5). This difference might transitorily even widen if the single market program brings about closer integrated markets for tradables such that major firms in these markets would all have lower market shares than in the more segmented pre-1992 markets in the Ee. The Ee central bank governors' report for 1992 has drawn attention to the divergence between the development of prices of tradables and nontradables and has argued that strengthening competition policies and providing less protection for traditionally sheltered industries could reduce not only the differential between the dynamics of tradables and nontradables, but might indeed contribute to reducing the overall inflation rates in some Ee countries and thus indirectly support a downward convergence process (Tab.

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