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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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    References listed on IDEAS

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    1. Barry Eichengreen and Beth Simmons., 1993. "International Economics and Domestic Politics: Notes on the 1920s," Center for International and Development Economics Research (CIDER) Working Papers C93-029, University of California at Berkeley.
    2. John Williamson, 1995. "What Role of Currency Boards?," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa40, January.
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    Cited by:

    1. Iwaisako, Tokuo, 2002. "Does International Diversification Really Diversify Risks?," Journal of the Japanese and International Economies, Elsevier, vol. 16(1), pages 109-134, March.

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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange

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