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Transition Issues for the European Monetary Union

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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.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6292.

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Date of creation: Nov 1997
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Publication status: published as DeEmu in Breed Perspectiet; Preadviezen 1997, Koninklijke Vereniging voo rde Stathuishoudkunde, pp. 1-17; Lemma BV, Utrecht, 1997.
Handle: RePEc:nbr:nberwo:6292

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Cited by:
  1. W.H. Buiter, 1999. "Alice in Euroland," CEP Discussion Papers dp0423, Centre for Economic Performance, LSE.
  2. Cornelius, Peter K. & Trimbur, Thomas, 2000. "Heterogeneous policy responses and the risk of monetary disintegration in Europe," Research Notes 00-1, Deutsche Bank Research.
  3. 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.
  4. 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.
  5. 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.

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