Common Monetary System (CMS) - Structural Limitations: The unfulfilled half-promise of the Stability and Growth Pact (SGP)

By Sri Vishnu Changaalamma Tanaya

Euro system is the only functional Common Monetary System (CMS) across the globe, and it has been a work in progress all-long since its inception! It has weathered powerful tempests such as the 'Sovereign-debt - Banking crisis' and yet came out unscathed. It is considered to be the most successful union of multitudinous trade and monetary practises that has rendered lasting 'stability' to its constituent-nations in terms of realisation of low-inflation growth, and exchange-rate stability. However, I believe that it suffers from inherent 'structural limitations' which led to the unravelling of the 'Sovereign-debt - Banking crisis' in the first-place, and I also believe that no matter how many iterations of corrections are made to its operational structure, it may never fully overcome certain 'ideological structural limitations' that are at the root-cause of 'limited cyclic-growth' of its constituent-nations, which makes it susceptible to future crises. In short, analogically speaking, CMS is like an individual with a congenitally weakened immune system who shall forever be susceptible to external element-borne diseases and shall hence operate at relatively lower productivity levels, compared to a healthy individual called the Sovereign Monetary System (SMS). This research publication is dedicated to dissecting those 'ideological structural limitations' of the Common Monetary System (CMS), from the perspective of their indirect effect on 'cyclic-growth' of constituent-economies.

• Format: Hardcover
• Language: English
• ISBN: B0F4WYN6TK
• ISBN13: 9798319401823
• Release Date: April 2025
• Publisher: Independently published
• Length: 292 Pages
• Dimensions: 9.0" x 0.9" x 6.0"