The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions
The paper discusses the policy problems of a project aimed at substituting several national currencies with one single currency. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community. The issues discussed include the choice of conversion rates and the effects of exchange-rate devaluations at the time of the monetary reform.
|Date of creation:||Nov 1991|
|Date of revision:|
|Publication status:||published as European Economic Review Volume 36, April 1992|
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in: NBER Macroeconomics Annual 1991, Volume 6, pages 269-328
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