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EMU strategies for new Member States: the role of Exchange Rate Mechanism II

  • Theodoros S. Papaspyrou

    ()

    (Bank of Greece)

This paper examines the role of ERM II in the convergence effort of the new Member States, against the background of past convergence experience and in the light of EU rules for economic and monetary policy. Key aspects of the mechanism are analysed, including the appropriate timing and duration of participation in ERM II, intervention in the foreign exchange markets to defend central rates, fiscal adjustment as well as exit strategies from existing regimes. It emerges from the analysis that ERM II rules are flexible enough to accommodate a number of new Member States’ exchange rate regimes and that both exchange-rate-based monetary regimes as well as inflation targeting regimes can lead to a successful outcome, if accompanied by sound economic and fiscal policies.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/econbull200407.pdf
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Article provided by Bank of Greece in its journal Economic Bulletin.

Volume (Year): (2004)
Issue (Month): 23 (July)
Pages: 7-25

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Handle: RePEc:bog:econbl:y:2004:i:23:p:23-25
Contact details of provider: Web page: http://www.bankofgreece.gr

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  1. Weichselbaumer, Doris & Winter-Ebmer, Rudolf, 2003. "Rhetoric in Economic Research: The Case of Gender Wage Differentials," CEPR Discussion Papers 4128, C.E.P.R. Discussion Papers.
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