Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues

Jacob A. Frenkel and Morris Goldstein
Additional contact information
Jacob A. Frenkel: International Monetary Fund

IMF Staff Papers, 1991, vol. 38, issue 2, 356-373

Abstract: Key issues relating to the design and implementation of monetary policy in an emerging European economic and monetary union are discussed, although specific institutional proposals for transition to EMU are neither endorsed nor dismissed. The goals of monetary policy are examined in the context of the interrelationships among price stability, current account equilibrium, and exchange rate stability. Issues addressed relevant to the implementation of monetary policy include coordination versus autonomy, rules versus discretion, and the role of sterilized official intervention. Finally, the importance of fiscal discipline is emphasized, and several alternative mechanisms for encouraging it are evaluated.

JEL-codes: F15 F36 (search for similar items in EconPapers)
Date: 1991
References: Add references at CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
http://www.jstor.org/stable/3867103?origin=pubexport main text (application/pdf)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues (1990)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:imfstp:v:38:y:1991:i:2:p:356-373

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41308/PS2

Access Statistics for this article

More articles in IMF Staff Papers from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().