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The EMU after Three Years: Lessons and Challenges

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  • Peter Bofinger

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    (University of Wuerzburg)

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    Abstract

    The paper provides an analysis of the first three years of the European Monetary Union. It discusses the changeover to Euro notes, the performance of monetary policy in terms of price stability and real growth, the establishment of credibility for the ECB, and the two pillar strategy. The weakness of the euro's exchange value during the first three years is explained. Some aspects of the eastern enlargement of the eurozone are examined especially the problems that may be associated with the lack of real convergence. Other issues such as the importance of a Balassa-Samuelson effect and the need for appropriate fiscal policies are discussed.

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    File URL: http://www.unece.org/fileadmin/DAM/oes/disc_papers/ECE_DP_2002-1.pdf
    File Function: First version, 2002
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    Bibliographic Info

    Paper provided by UNECE in its series ECE Discussion Papers Series with number 2002_1.

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    Length: 27 pages
    Date of creation: Feb 2002
    Date of revision:
    Publication status: Published in UNECE Discussion Paper Series, No. 2002_1
    Handle: RePEc:ece:dispap:2002_1

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    Related research

    Keywords: European Monetary Union; European Central Bank; Euro; monetary policy;

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    Cited by:
    1. Marko Lah & Tjaša Redek & Andrej Sušjan, 2008. "The Changing Role of the Labour Market within the EMU: the Case of Slovenia," Transition Studies Review, Springer, vol. 15(2), pages 375-387, September.
    2. Caporale, Guglielmo Maria & Kontonikas, Alexandros, 2009. "The Euro and inflation uncertainty in the European Monetary Union," Journal of International Money and Finance, Elsevier, vol. 28(6), pages 954-971, October.

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