Moving the Escudo into the Euro

Jorge Braga Macedo, Luis Nunes and Francisco Covas

Chapter 9 in Shaping the New Europe, 2004, pp 246-264 from Palgrave Macmillan

Abstract: Abstract It took ten years and two Prime Ministers (right then left) to make Portugal a founding member of the eurozone. The efforts of successive duos of five ministers of finance and three central bank governors were required and the euro conversion rate was set at 200 escudos, some 16 per cent lower than the rate at which the escudo entered the ECU basket in 1989. Moreover the implementation of a stability-oriented macroeconomic policy was completed at a time when the parity grid of the Exchange Rate Mechanism (ERM) of the European Monetary System was under severe strain.

Keywords: Exchange Rate; Central Bank; Monetary Union; Exchange Rate Regime; European Monetary System (search for similar items in EconPapers)
Date: 2004
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Related works:
Working Paper: Moving the Escudo into the Euro (1999)
Working Paper: Moving the escudo into the euro (1999)
Working Paper: Moving the Escudo into the Euro (1999)
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DOI: 10.1057/9780230523692_10

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