Kiyoshi Takata

(Senior Research Fellow, Economic and Social Research Institute, Cabinet Office)

  This paper attempts to review the "16 economic mechanisms" of the EMU (Economic and Monetary Union) in Europe summarized in "One Market, One Money" (1990). Some of their impacts may have already appeared, and others may still be unknown. In the author's opinion, two groups -"impacts relating to price stability" and "adjustment without exchange rate changes," both of which are crucial for the success of the EMU- may still be unknown. As a whole, it seems to the author that the impacts of 16 economic mechanisms have been partially visible, the EMU, however, may have not worked enough.