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Transition Issues for the European Monetary Union

Author

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  • Willem H. Buiter
  • Anne C. Sibert

Abstract

If Stage Three of EMU starts on January 1, 1999, transition issues remain on two time scales. Until July 1, 2002, national currencies and the euro co-exist as legal tender. We argue that intra-EMU currency risk exists in principle during that period, but that no EMU member can be forced out through speculative attacks. Cohabitation of Ins and Outs has an open-ended time scale. We discuss the effect of EMU on incentives for both Ins and Outs to undertake structural reform and the coordination problems associated with the distribution of seigniorage revenue and the Stability and Growth Pact.

Suggested Citation

  • Willem H. Buiter & Anne C. Sibert, 1997. "Transition Issues for the European Monetary Union," NBER Working Papers 6292, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:6292
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    Cited by:

    1. Willem H. Buiter, 1999. "Alice in Euroland," Journal of Common Market Studies, Wiley Blackwell, vol. 37(2), pages 181-209, June.
    2. Marcel Canoy & Machiel van Dijk & Jan Lemmen & Ruud de Mooij & Jürgen Weigand, 2001. "Competition and stability in banking," CPB Document 15.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    3. Joan Costa Font & Joan Batalla Bejerano, 1998. "Eastern European Countries and the EMU: departure situation and transition strategies," ERSA conference papers ersa98p192, European Regional Science Association.
    4. C. D’Adda, 1999. "The EU and the euro: an example to imitate?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 52(211), pages 383-399.
    5. C. D’Adda, 1999. "The EU and the euro: an example to imitate?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(211), pages 383-399.
    6. Cornelius, Peter K. & Trimbur, Thomas, 2000. "Heterogeneous policy responses and the risk of monetary disintegration in Europe," Research Notes 00-1, Deutsche Bank Research.
    7. Griffith-Jones, Stephany & Montes, Manuel F. & Nasution, Anwar (ed.), 2001. "Short-Term Capital Flows and Economic Crises," OUP Catalogue, Oxford University Press, number 9780198296867.

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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