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Exchange rates are a matter of common concern: policies in the run-up to the euro?

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Author Info

  • Zenon Kontolemis

Abstract

This paper discusses the reasoning behind the exchange rate policies set out in the Maastricht Treaty of the European Union. The question of the appropriate exchange rate policies for new member states of the EU should be seen from the wider perspective of Economic and Monetary Union, and the creation of a single market. Four basic arguments are made in defence of the current exchange rate framework: it is argued that exchange rate stability, per se, may be desirable if that is seen from the broader perspective of European integration, exchange rate stability is vital for countries attempting to lock permanently their exchange rate vis-à -vis the euro at a given parity, exchange rate stability prevents unilateral changes in the exchange rate that may delay partner countries' convergence relative to the Maastricht criteria, and finally a period of “internship†inside the Exchange Rate Mechanism ensures that countries begin adjusting their behaviour/policies to the requirements of a common currency area.

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File URL: http://ec.europa.eu/economy_finance/publications/publication852_en.pdf
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Bibliographic Info

Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 191.

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Length: 54 pages
Date of creation: Sep 2003
Date of revision:
Handle: RePEc:euf:ecopap:0191

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Keywords: exchange rates; exchange rate policy; euro; maastricht treaty; economic and monetary union; EMU; exchange rate mechanism; ERM; Kontolemis;

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Cited by:
  1. Gern, Klaus-Jürgen & Hammermann, Felix & Schweickert, Rainer & Vinhas de Souza, Lúcio, 2004. "European monetary integration after EU enlargement," Kiel Discussion Papers 413, Kiel Institute for the World Economy (IfW).
  2. Paul de Grauwe & Gunther Schnabl, 2004. "Nominal versus Real Convergence with Respect to EMU Accession.How to Cope with the Balassa-Samuelson Dilemma," EUI-RSCAS Working Papers 20, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
  3. Sandrine Levasseur, 2004. "Why not euroisation?," Sciences Po publications info:hdl:2441/3361, Sciences Po.
  4. Jonas, Jiri, 2006. "Euro adoption and Maastricht criteria: Rules or discretion?," Economic Systems, Elsevier, vol. 30(4), pages 328-345, December.
  5. Theodoros S. Papaspyrou, 2004. "EMU Strategies: Lessons from Past Experience in View of EU Enlargement," Working Papers 11, Bank of Greece.
  6. Damjan Kozamernik, 2004. "The ERM II issues: An interpretation of the Slovenian approach," Atlantic Economic Journal, International Atlantic Economic Society, vol. 32(4), pages 268-279, December.
  7. Sandrine Levasseur, 2004. "Why not euroisation?," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 121-156.
  8. Zenon Kontolemis & Kevin Ross, 2005. "Exchange Rate Fluctuations in the New Member States of the European Union," Macroeconomics 0504015, EconWPA.
  9. repec:spo:wpecon:info:hdl:2441/3361 is not listed on IDEAS
  10. Jonas, Jiri, 2004. "Euro adoption and Maastricht criteria: Rules or discretion?," ZEI Working Papers B 14-2004, ZEI - Center for European Integration Studies, University of Bonn.

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