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A Proposal to Introduce the ECU First in the East

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  • Jeffrey Frankel and Charles Wyplosz.

Abstract

First problem: Some of the countries of Eastern Europe and the former Soviet Union are sufficiently eager for price stability that they are willing to sacrifice monetary sovereignty, and to tie their fate to a reliable international currency. Neither the deutschemark nor the dollar, however, quite fits the bill to be that currency. Second problem: Western Europe is eager to make progress toward its goal of monetary union by 1999, with the ECU (European Currency Unit) as the common currency, but momentum is stalled. Solution to both problems: The ECU should receive its "first run" as a lawful medium of exchange in one of those Eastern European countries.

Suggested Citation

  • Jeffrey Frankel and Charles Wyplosz., 1995. "A Proposal to Introduce the ECU First in the East," Center for International and Development Economics Research (CIDER) Working Papers C95-055, University of California at Berkeley.
    • Handle: RePEc:ucb:calbcd:c95-055
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    Cited by:

    1. Jeffrey A. Frankel & Andrew K. Rose, 1994. "A Survey of Empirical Research on Nominal Exchange Rates," NBER Working Papers 4865, National Bureau of Economic Research, Inc.
    2. Iwaisako, Tokuo, 2002. "Does International Diversification Really Diversify Risks?," Journal of the Japanese and International Economies, Elsevier, vol. 16(1), pages 109-134, March.
    3. Barry Eichengreen and Charles Wyplosz., 1995. "What Do Currency Crises Tell Us About the Future of the International Monetary System?," Center for International and Development Economics Research (CIDER) Working Papers C95-057, University of California at Berkeley.
    4. Obstfeld, Maurice, 1996. "Intertemporal price speculation and the optimal current-account deficit: reply and clarification," Journal of International Money and Finance, Elsevier, vol. 15(1), pages 141-147, February.
    5. Frankel, J-A & Rose, A-K, 1996. "Economic Structure and the Decision to Adopt a Common Currency," Papers 611, Stockholm - International Economic Studies.
    6. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "A panel project on purchasing power parity: Mean reversion within and between countries," Journal of International Economics, Elsevier, vol. 40(1-2), pages 209-224, February.
    7. Frankel, Jeffrey A, 1996. "Recent Exchange-Rate Experience and Proposals for Reform," American Economic Review, American Economic Association, vol. 86(2), pages 153-158, May.
    8. Pranab Bardhan., 1996. "The Nature of Institutional Impediments to Economic Development," Center for International and Development Economics Research (CIDER) Working Papers C96-066, University of California at Berkeley.

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