Transition Issues for the European Monetary Union
AbstractIf 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6292.
Date of creation: Nov 1997
Date of revision:
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Willem H. Buiter, 1999.
"Alice in Euroland,"
Journal of Common Market Studies,
Wiley Blackwell, vol. 37(2), pages 181-209, 06.
- Cornelius, Peter K. & Trimbur, Thomas, 2000. "Heterogeneous policy responses and the risk of monetary disintegration in Europe," Research Notes 00-1, Deutsche Bank Research.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.