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From EMS to EMU: Are we better off?

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  • Paul De Grauwe
  • Hans Dewachter
  • Yunus Aksoy

Abstract

In this paper we compare the stabilizing properties of the EMU to those of a ERM system, controlled by Germany. We find that in general the EMU will provide better stabilization of inflation, output and the interest rate than the EMS system. However, these results only apply if the ECB can effectively control monetary policy.\ In the case that the ECB-representatives do not coordinate and take a nationalistic point of view, the EMS regime is preferred by various countries.

Suggested Citation

  • Paul De Grauwe & Hans Dewachter & Yunus Aksoy, 1999. "From EMS to EMU: Are we better off?," Working Papers of Department of Economics, Leuven ces9921, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    • Handle: RePEc:ete:ceswps:ces9921
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