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EMU: Ready or Not?

  • Obstfeld, M.

This essay is based on the 1997-98 Frank D. Graham Memorial Lecture, which I had the honor of presenting at Princeton University on April 9, 1998. Frank Graham was deeply concerned with the interplay among national policy sovereignty, exchange-rate regimes, and price-level stability. Today, the world offers an embarrassingly rich diversity of national and regional arenas in which domestic political realities and the desire for exchange-rate stability have come - or threaten to come - into conflict. Europe, where a new common curency, the euro, is to be launched on January 1, 1999, will not be exempt from this tension in the foreseeable future.

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Paper provided by International Economics Section, Departement of Economics Princeton University, in its series Princeton Essays in International Economics with number 209.

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Length: 32 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:priifi:209
Contact details of provider: Postal: International Finance Section, Department of Economics Princeton University, Princeton, New Jersey, U.S.A
Phone: (609) 258-4000
Fax: (609) 258-6419
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  1. Obstfeld, Maurice, 1998. "A strategy for launching the Euro," European Economic Review, Elsevier, vol. 42(6), pages 975-1007, June.
  2. Maurice Obstfeld & Giovanni Peri, 1998. "Regional non-adjustment and fiscal policy," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 205-259, 04.
  3. Maurice Obstfeld, 1997. "Europe's gamble," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 241-317.
  4. David Folkerts-Landau & Peter M. Garber, 1995. "Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 134-157, March.
  5. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October.
  6. Alesina, Alberto & Perotti, Roberto, 1997. "The Welfare State and Competitiveness," American Economic Review, American Economic Association, vol. 87(5), pages 921-39, December.
  7. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
  8. repec:cup:cbooks:9780521558839 is not listed on IDEAS
  9. Calmfors, L., 1998. "Unemployment, Labour-Market Reform and Monetary Union," Papers 639, Stockholm - International Economic Studies.
  10. Perotti, Roberto & Alesina, Alberto, 1997. "The Welfare State and Competitiveness," Scholarly Articles 4553027, Harvard University Department of Economics.
  11. Alberto Alesina & Roberto Perotti, 1995. "Fiscal Expansions and Fiscal Adjustments in OECD Countries," NBER Working Papers 5214, National Bureau of Economic Research, Inc.
  12. Kenen, Peter B, 1998. "Monetary Policy in Stage Three: A Review of the Framework Proposed by the European Monetary Institute," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 3(1), pages 3-12, January.
  13. Pu Shen, 1997. "Settlement risk in large-value payments systems," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 45-62.
  14. Calmfors, Lars, 1998. "Unemployment, Labour-Market Reform and Monetary Union," Seminar Papers 639, Stockholm University, Institute for International Economic Studies.
  15. Robert P. Flood & Peter M. Garber, 2000. "Is Launching the Euro Unstable in the Endgame?," NBER Chapters, in: Currency Crises, pages 163-177 National Bureau of Economic Research, Inc.
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