Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues
AbstractKey issues relating to the design and implementation of monetary policy in an emerging European economic and monetary union are discussed, although specific institutional proposals for transition to EMU are neither endorsed nor dismissed. The goals of monetary policy are examined in the context of the interrelationships among price stability, current account equilibrium, and exchange rate stability. Issues addressed relevant to the implementation of monetary policy include coordination versus autonomy, rules versus discretion, and the role of sterilized official intervention. Finally, the importance of fiscal discipline is emphasized, and several alternative mechanisms for encouraging it are evaluated.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 90/73.
Date of creation: 01 Aug 1990
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Other versions of this item:
- Jacob A. Frenkel & Morris Goldstein, 1991. "Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 356-373, June.
- F15 - International Economics - - Trade - - - Economic Integration
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-02-16 (All new papers)
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