Ancorare, fluttuare o abbandonare la nave:i regimi valutari dei paesi candidati all' Unione Europea
AbstractThe paper considers alternative exchange rate regimes for the East European accession candidates, both prior to EU accession and following EU accession but prior to EMU membership. We conclude that, from an economic point of view, EMU membership should be as early as possible. There is, however, a risk that prevailing interpretations of the inflation and exchange rate criteria for EMU membership could lead to unnecessary delays in EMU membership for the accession countries. The exchange rate criterion for EMU membership requires that the candidate "has respected the normal fluctuation margins provided for by the exchange rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination." Both this text and the precedents of Finland, Italy and Greece, support the view that the exchange rate criterion can be satisfied without two years of formal ERM II membership. Insistence on at least two years of formal ERM II membership for the accession countries would result in an unnecessary, costly and potentially risky stay in EMU purgatory.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Economia civile in its journal Moneta e Credito.
Volume (Year): 55 (2002)
Issue (Month): 218 ()
Contact details of provider:
Web page: http://www.economiacivile.it
Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- P33 - Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid
- F15 - International Economics - - Trade - - - Economic Integration
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Clemens Grafe & Willem Buiter, 2001.
"Central Banking and the Choice of Currency Regime in Accession Countries,"
Revue d'Ã‰conomie FinanciÃ¨re, Programme National PersÃ©e,
Programme National PersÃ©e, vol. 6(1), pages 287-318.
- Willem H. Buiter & Clemens Grafe, 2001. "Central Banking and the Choice of Currency Regime in Accession Countries," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
- Willem H. Buiter & Clemens Grafe, 2001. "Central Banking and the Choice of Currency Regime in Accession Countries," SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum, number 11 edited by Morten Balling, July.
- Heston, Alan & Nuxoll, Daniel A & Summers, Robert, 1994. "The Differential-Productivity Hypothesis and Purchasing-Power Parties: Some New Evidence," Review of International Economics, Wiley Blackwell, vol. 2(3), pages 227-43, October.
- Roberto Chang & Andres Velasco, 1997.
"Financial fragility and the exchange rate regime,"
Working Paper, Federal Reserve Bank of Atlanta
97-16, Federal Reserve Bank of Atlanta.
- Roberto Chang & Andres Velasco, 1998. "Financial Fragility and the Exchange Rate Regime," NBER Working Papers 6469, National Bureau of Economic Research, Inc.
- Chang, R. & Velasco, A., 1998. "Financial Fragility and the Exchange Rate Regime," Working Papers, C.V. Starr Center for Applied Economics, New York University 98-05, C.V. Starr Center for Applied Economics, New York University.
- Atish R. Ghosh & Anne-Marie Gulde & Holger C. Wolf, 2000. "Currency boards: More than a quick fix?," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 15(31), pages 269-335, October.
- Calvo, Guillermo A & Leiderman, Leonardo, 1992. "Optimal Inflation Tax under Precommitment: Theory and Evidence," American Economic Review, American Economic Association, American Economic Association, vol. 82(1), pages 179-94, March.
- ZoltÃ¡n M. Jakab & MihÃ¡ly AndrÃ¡s KovÃ¡cs, 1999. "Determinants of Real Exchange Rate Fluctuations in Hungary," MNB Working Papers, Magyar Nemzeti Bank (the central bank of Hungary) 1999/6, Magyar Nemzeti Bank (the central bank of Hungary).
- Samuelson, Paul A, 1994. "Facets of Balassa-Samuelson Thirty Years Later," Review of International Economics, Wiley Blackwell, vol. 2(3), pages 201-26, October.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.