Monetary Strategies for Joining the Euro

Edited by György Szapáry and Juergen von Hagen

in Books from Edward Elgar Publishing

Abstract: In this book, well-known economists and policymakers look at the next step in the integration process for accession countries: accession to European Monetary Union (EMU). They debate which monetary and exchange rate strategies are optimal during the run-up to EMU, and consider the conflict that may arise in trying to meet both the exchange rate stability and the Maastricht inflation criteria. The impossible trinity between monetary independence, exchange rate stability and free capital flows is also addressed, as is the question of the effects of structural changes on the real exchange rate. Estimates of the ‘Balassa–Samuelson effect’ on five of the new member states, and the experiences of Portugal and Greece in their run-up to EMU are discussed, and lessons for the economic policies of the new EU member states are illustrated.

Keywords: Economics and Finance (search for similar items in EconPapers)
JEL-codes: F5 (search for similar items in EconPapers)
Date: 2004
ISBN: 9781843766896
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Citations: View citations in EconPapers (20)

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