Coordinating European Monetary Union
AbstractThis 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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Bibliographic InfoPaper 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:
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Web page: http://www.eui.eu/ECO/
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CENTRAL BANKS ; INTERNATIONAL FINANCE;
Find related papers by JEL classification:
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- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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