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The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competitiveness and relative prices... losses in output and employment (and pressure on the European central bank to inflate) will predominate.
Rudiger Dornbusch, "Euro fantasies", Foreign Affairs, vol. 75, n. 5, p. 120, September/October 1996. | ||
