EMU: Ready or Not?

Maurice Obstfeld

Princeton Essays in International Economics from International Economics Section, Departement of Economics Princeton University,

Abstract: This essay is based on the 1997-98 Frank D. Graham Memorial Lecture, which I had the honor of presenting at Princeton University on April 9, 1998. Frank Graham was deeply concerned with the interplay among national policy sovereignty, exchange-rate regimes, and price-level stability. Today, the world offers an embarrassingly rich diversity of national and regional arenas in which domestic political realities and the desire for exchange-rate stability have come - or threaten to come - into conflict. Europe, where a new common curency, the euro, is to be launched on January 1, 1999, will not be exempt from this tension in the foreseeable future.

Keywords: EUROPE; MONETARY AREAS; ECONOMIC INTEGRATION (search for similar items in EconPapers)
JEL-codes: F15 F02 F31 F33 (search for similar items in EconPapers)
Date: 1998
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Related works:
Working Paper: EMU: Ready, or Not? (2000)
Working Paper: EMU: Ready, or Not? (1999)
Working Paper: EMU: Ready, or Not? (1998)
Working Paper: EMU: Ready, or Not? (1998)
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