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The EMU after Three Years: Lessons and Challenges

  • Peter Bofinger

    ()

    (University of Wuerzburg)

The paper provides an analysis of the first three years of the European Monetary Union. It discusses the changeover to Euro notes, the performance of monetary policy in terms of price stability and real growth, the establishment of credibility for the ECB, and the two pillar strategy. The weakness of the euro's exchange value during the first three years is explained. Some aspects of the eastern enlargement of the eurozone are examined especially the problems that may be associated with the lack of real convergence. Other issues such as the importance of a Balassa-Samuelson effect and the need for appropriate fiscal policies are discussed.

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File URL: http://www.unece.org/fileadmin/DAM/oes/disc_papers/ECE_DP_2002-1.pdf
File Function: First version, 2002
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Paper provided by UNECE in its series ECE Discussion Papers Series with number 2002_1.

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Length: 27 pages
Date of creation: Feb 2002
Date of revision:
Publication status: Published in UNECE Discussion Paper Series, No. 2002_1
Handle: RePEc:ece:dispap:2002_1
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  1. Svensson, L.E.O., 1998. "Inflation Targeting as a Monetary Policy Rule," Papers 646, Stockholm - International Economic Studies.
  2. Broeck, Mark De & Sløk, Torsten, 2001. "Interpreting real exchange rate movements in transition countries," BOFIT Discussion Papers 7/2001, Bank of Finland, Institute for Economies in Transition.
  3. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272, July.
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