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The Formulation of Monetary Policy in EMU

Author

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  • Devine, Máiréad

    (Central Bank and Financial Services Authority of Ireland)

  • McCoy, Daniel

    (Central Bank and Financial Services Authority of Ireland)

Abstract

A key decision facing the newly formed European Central Bank will be the specification of a monetary policy strategy for the euro area. This article considers how monetary policy may be conducted within EMU, focusing on the main strategies under consideration. The agreed instruments and procedures that will be at the disposal of the ESCB are examined, where the various stages of monetary policy formulation through to the final target of price stability are outlined.

Suggested Citation

  • Devine, Máiréad & McCoy, Daniel, 1998. "The Formulation of Monetary Policy in EMU," Research Technical Papers 2/RT/98, Central Bank of Ireland.
    • Handle: RePEc:cbi:wpaper:2/rt/98
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    References listed on IDEAS

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