Tsoukalis and the Political Economy of European Integration

This chapter is a review study of Loukas Tsoukalis’ published work on the political economy of European integration. A reverse chronological order is followed, its benchmarks being provided by Tsoukalis’ books; his journal articles and chapters in edited volumes are also reviewed, albeit selectively. Tsoukalis’ main research interests lie with the issues of money, monetary unification, and macroeconomic policy in the EU (and the euro area). Tsoukalis has especially been concerned with structural asymmetries, macroeconomic imbalances, and economic and social inequalities frustrating the European project, while being also reinforced by European economic integration and globalization. Yet, he has never confined his research within the limits of conventional economic analysis. Tsoukalis has, instead, sought to make sense of the political perplexities inherent in European economic integration; and he has constantly looked at the bigger picture. At the methodological level, Tsoukalis has been rather sceptical of mainstream economic theory; and he has often set himself free from the rigours of formal methodology, while having adopted an empirical approach. Sometimes he has embraced a normative rather than strictly analytical perspective, thereby articulating policy suggestions—and feeding ideas into the European political discourse. Tsoukalis has, thus, been influenced by Keynes’ ideal stereotype of economists as men of affairs: philosophers, politicians, and pragmatists. Above all, Loukas Tsoukalis has unequivocally been making the case for European integration, while also taking into account objective constraints and subjective sensibilities—a European idealist and a realist at one and the same time.

Frankel and Rose’s Introduction to the Endogeneity of Optimality: A Model Limited to the European Monetary Experience

This article discusses Frankel and Rose’s (1997, 1998) introduction to endogeneity, which was the result of scrutinizing the optimal currency area (OCA) theory through the evaluative lens of European monetary integration and unification in the 1990s. It cannot be generalized to another monetary union. The development of endogeneity interrelates five different criteria (common currency; transaction costs; commercial integration; economic convergence; and diversification of production) to argue that the introduction of a common currency leads to economic convergence among the participating countries. Frankel and Rose’s choice of analytic criteria arises from empirical studies on European monetary unification, following the OCA framework. The empirical studies found to have influenced the authors can be divided into three themes: the microeconomic benefits of a common currency; the optimality of European countries; and adjustment mechanisms. However, as shown by the selection of certain criteria, the influence of the Emerson report (1990), and the price-stability orientation of fiscal and monetary policies, their proposal only works within the monetary and economic conditions of the future eurozone area.

The Advanced Proposed Architecture of Eco-Currency: Technical Analysis of West Africa Single Currency Program

The different target of the time period has been established over the past two decades in the institutionalization of a single currency union in West Africa. Depending on varied reasons the proposed programs have always failed before the set timelines in respect of ECOWAS monetary unification and single currency adoption. As a result, the paper explored and developed its argument based on the existing studies of structured economic shocks, significant to the failure of the single currency union, and its major causal factors. And with observed structured analysis propose catalytic activator method as a theoretical guide to attain the single currency union within three (3) years ahead, if the necessary requirement as the commitment level of members’ State is applied towards the single currency unification program. It then elaborates in the spirit of precision the process required to sustain the eco-currency program in other to elevate members State in an out-date of its domestic currencies struggling as a subservient economic bloc to the adoption of a new anticipated domineering currency in its own merit to shoulder with the global dominating hard currencies.

Studies on the Asian Regional Monetary Unification & ACU Model - based on the [10+4] FTA Initiative

Though the phenomenon of “Counter-Globalization” occurred recently, economic globalization and regional economic integration are still the trends, especially as shown by the Asian economic integration process. The Asian regionalization is in very initial stage emerging in various cooperation mechanisms, forming a multi-level pattern of coexistence in the later erupted advantage. Based on the theories of regional economics and the Optimal Currency Zone, within the [10+4] FTA considered frame inc. The ASEAN, China, India, Japan, and South Korea, an academic study is carried out comparing with the case of the European regionalization. The research will focus on conditions and barriers in the Asian currency unification process, and finally a corresponding step proposal to set up "the ACU Experimental Zones" together with a model is putting forward.