Juan Carlos Martinez Oliva

Email: JCMartinezOliva@PIIE.COM

Juan Carlos Martinez Oliva is a principal director in the Research Department of the Bank of Italy and a visiting fellow at the Peterson Institute for International Economics. He was a visiting scholar at the University of California Berkeley, special economic adviser to the Minister of Treasury at the ECOFIN, alternate member of the Economic Policy Committee of the EEC, and senior economic advisor at the International Monetary Fund. He has authored, co-authored, or edited many publications in international policy coordination, monetary policy, international monetary system and European integration.

Papers Published in World Economics:

The EMU Versus the EPU

This article draws upon the analogy between the current European institutional setting, in the face of the current European crisis, and the rules and institutions that were established in the post-war years to achieve trade liberalisation and a multilateral payments system in Europe. Differently than in the past, a feature of today’s crisis is that trade and payment imbalances have been overlooked, under the assumption that in a closely-integrated single-currency area, trade and payments imbalances do not matter. The implications are discussed in the light of the need to overcome the present crisis and to proceed towards integration goals.

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