The Euro and Exchange Rate Stability

Agnès Bénassy-Quéré (), Benoit Mojon () and Jean Pisani-Ferry

Working Papers from CEPII research center

Abstract: The move to monetary union in Europe will represent a major change for the International Monetary System. Indeed, it will be the first time that large countries give up their national currencies to create a new, common money. This paper investigates the impact it will have on global exchange rate stability. More precisely, we examine whether the real exchange rate of the euro vis-a-vis third currencies will in the long run be more or less stable than the average real exchange rate of the corresponding basket of European currencies.

Keywords: EMU; exchange rate; euro; ECB (search for similar items in EconPapers)
JEL-codes: F31 F33 E52 E10 (search for similar items in EconPapers)
Date: 1997-06
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Persistent link: http://EconPapers.repec.org/RePEc:cii:cepidt:1997-12

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