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The challenges of monetary convergence in Europe


  • Schweickert, Rainer


The paper outlines the challenges for entry into EMU set up by Germany and the extent to which potential members accepted these challenges. Three groups of countries are identified: the core group (D-mark zone), the outsider group (countries not willing to participate), and the convergence group (formerly) unstable countries willing to participate). It is especially the progress towards convergence made by the convergence group and the non-compliance of most countries with the fiscal criteria which leads to uncertainty for the future path of European monetary integration: there is still no consensus on the interpretation of the convergence criteria. Additionally, there is another - maybe even more important - challenge for European monetary integration: the lack of a consensus about the blueprint for economic policy making in an European currency area - centralized versus decentralized, active versus passive monetary and exchange rate policy.

Suggested Citation

  • Schweickert, Rainer, 1997. "The challenges of monetary convergence in Europe," Kiel Working Papers 814, Kiel Institute for the World Economy (IfW).
  • Handle: RePEc:zbw:ifwkwp:814

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    References listed on IDEAS

    1. Charles R. Bean, 1992. "Economic and Monetary Union in Europe," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 31-52, Fall.
    2. Lehment, Harmen & Scheide, Joachim, 1995. "Der Fahrplan für die Europäische Währungsunion: noch erheblicher Handlungs- und Klärungsbedarf," Kiel Discussion Papers 259, Kiel Institute for the World Economy (IfW).
    3. Siebert, Horst, 1997. "Zu den Voraussetzungen der Europäischen Währungsunion," Kiel Discussion Papers 289, Kiel Institute for the World Economy (IfW).
    4. Scheide, Joachim & Solveen, Ralph, 1997. "Before EMU starts: economic policy stimulates recovery in Europe," Kiel Discussion Papers 294, Kiel Institute for the World Economy (IfW).
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    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • F31 - International Economics - - International Finance - - - Foreign Exchange


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