This paper explores coordination problems in the transition to European Monetary Union (EMU). If incentives to undertake costly convergence and the benefits of EMU to any individual countrydepend on other countries' strategies, innefficiencies and multiple equilibria can arise. A multi-speed approach to EMU is advocated as a possible answer to coordination failures. In such a scenario candidate countries would also have the option to spread the costs of convergence over a longer time period.
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Paper provided by European University Institute in its series Economics Working Papers with number
eco97/10.
Length: 22 pages Date of creation: 1997 Date of revision: Handle: RePEc:eui:euiwps:eco97/10
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