What central banks have learned: lessons from pre-EMU Europe
This paper examines the intentions and outturns of central bank policies in Europefrom the collapse of the Bretton Woods system of fixed exchange rates until the start ofEMU in 1999. It focuses on the lessons that can be drawn from the three dominant policy strategies of money targeting, exchange rate targeting and inflation targeting. Several of the lessons that are relevant to the euro area are shown to have been incorporated into the monetary policy strategy of the European Central Bank.
References listed on IDEAS
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- Guy Debelle, 1998.
"Inflation Targeting in Practice,"
South East Asian Central Banks (SEACEN) Research and Training Centre, number occ23.
- L. Bini-Smaghi, 1998. "The democratic accountability of the European Central Bank," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 51(205), pages 119-143.
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- L. Bini-Smaghi, 1998. "The democratic accountability of the European Central Bank," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 51(205), pages 119-143.
- Gunnar Jonsson, 1999. "The Relative Merits and Implications of Inflation Targeting for South Africa," IMF Working Papers 99/116, International Monetary Fund.
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- von Hagen, J, 1995. "Inflation and Monetary Targeting in Germany," Papers 03, American Institute for Contemporary German Studies-.
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