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The euro and the European Central Bank

  • Jeffrey M. Wrase

The formation of a monetary union by 11 European countries has received a lot of notice from the press since January 1, 1999, when the union's common currency, the euro, was officially introduced. To facilitate adoption of a single currency, these same countries have established a central bank that sets a common monetary policy for the members of the monetary union. In this article, Jeff Wrase gives some background on the European monetary union, outlines the procedure for introduction of the euro, and describes the workings of the European Central Bank. He also compares and contrasts the operations of the ECB with those of our own central bank, the Federal Reserve System.

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Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

Volume (Year): (1999)
Issue (Month): Nov ()
Pages: 3-14

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Handle: RePEc:fip:fedpbr:y:1999:i:nov:p:3-14
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  1. Martin Feldstein, 1998. "The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability," NBER Working Papers 6150, National Bureau of Economic Research, Inc.
  2. Gwen Eudey, 1998. "Why is Europe forming a monetary union?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-21.
  3. Maurice Obstfeld., 1998. "EMU: Ready, or Not?," Center for International and Development Economics Research (CIDER) Working Papers C98-101, University of California at Berkeley.
  4. Mark A. Wynne, 1999. "The European system of central banks," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 2-14.
  5. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
  6. repec:cup:cbooks:9780521558839 is not listed on IDEAS
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