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Miniblocs and Fringe Currencies of the EMU

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  • Honohan, Patrick

Abstract

Like all major currencies, the euro will attract a fringe of hangers-on. Though this need not influence overall policy with regard to the value of the euro, important policy questions arise. Can EMU members gain from cooperative arrangements for influencing or supporting fringe currencies? If so, what kinds of arrangement can be envisaged? This paper offers a preliminary examination of these issues. It identifies potential scope for mutual gains from cooperative arrangements and discusses particular countries which might be candidates. The design of such arrangements is also considered, especially including alternatives to the ERM-type of arrangement.

Suggested Citation

  • Honohan, Patrick, 1997. "Miniblocs and Fringe Currencies of the EMU," CEPR Discussion Papers 1704, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1704
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    References listed on IDEAS

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    1. Milesi-Ferretti, Gian Maria & Razin, Assaf, 1996. "Current Account Sustainability: Selected East Asian and Latin American Experiences," CEPR Discussion Papers 1509, C.E.P.R. Discussion Papers.
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    Cited by:

    1. Michael Artis & Marion Kohler & Jacques MĂ©litz, 1998. "Trade and the Number of OCAs in the World," Open Economies Review, Springer, vol. 9(1), pages 537-568, January.
    2. Honohan, Patrick & Lane, Philip R, 1999. "Pegging to the Dollar and the Euro," International Finance, Wiley Blackwell, vol. 2(3), pages 379-410, November.
    3. Patrick Honohan & Philip R. Lane, 2003. "Divergent inflation rates in EMU," Economic Policy, CEPR;CES;MSH, vol. 18(37), pages 357-394, October.

    More about this item

    Keywords

    European Monetary Integration; Exchange Rate Policy;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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