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Credibility and Inflation Expectations in the European Monetary System

In: Economic Integration

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  • Nicholas Sarantis

Abstract

Although the original emphasis of the European Exchange Rate Mechanism (ERM) was on exchange rate stability, recent experience suggests that the focus shifted during the 1980s towards the achievement of lower and stable inflation rates in the European Community. The counterinflationary benefits of ERM membership are understood to arise primarily from a credibility effect on the formation of domestic inflation expectations.

Suggested Citation

  • Nicholas Sarantis, 2002. "Credibility and Inflation Expectations in the European Monetary System," Palgrave Macmillan Books, in: George M. Korres & George C. Bitros (ed.), Economic Integration, chapter 5, pages 77-90, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62925-7_5
    DOI: 10.1057/9780230629257_5
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