This paper puts the single European currency proposed by the Maastricht treaty into an economic perspective. The rationales given by the Commission of the EC in favor of the single currency are appraised. R. Mundell's theory of optimum currency areas is used to evaluate the merits of single European currency. Finally, the functioning of the future Eurofed is discussed.
AFTALION, F. (1992). Is the EEC an Optimum Currency Area ? ESSEC Business School.