Towards ERM2: managing the relationship between the euro and the other currencies of the European Union

F. Saccomanni
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F. Saccomanni: Banca d'Italia

BNL Quarterly Review, 1996, vol. 49, issue 199, 385-403

Abstract: The Exchange Rate Mechanism 2 (ERM2) framework promises a stronger and closer relationship between the euro and potential non-euro members of the EU. The central factor of the relationship will depend on the progress of the economic convergence of participating countries. ERM2 provides for a suspension of intervention and financing by the European Central Bank (ECB) and non-euro banks during price stabilisation. It clearly indicates an exchange rate objective that is geared towards non-inflationary economic and monetary policies. An examination is undertaken of how best to organise monetary and exchange rate policy cooperation between the euro area and these other EU countries.

Keywords: Foreign Exchange & Reserves Policy; Laws; regulations and rules; Eurocurrency market (search for similar items in EconPapers)
JEL-codes: E52 F15 (search for similar items in EconPapers)
Date: 1996
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Citations: View citations in EconPapers (4)

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