Introduction

Lorenzo Bini Smaghi and Daniel Gros
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Lorenzo Bini Smaghi: Italian Treasury

A chapter in Open Issues in European Central Banking, 2000, pp 1-4 from Palgrave Macmillan

Abstract: Abstract After a seven-year transition period, Economic and Monetary Union (EMU) was finally launched on 1 January 1999. Exchange rates were irrevocably fixed and the European System of Central Banks (ESCB) began to conduct the single monetary policy for the 11 EU countries participating in the Eurozone. The primary objective of the policy is clearly established in the Maastricht Treaty and has since been restated on numerous occasions: price stability. The ECB, or rather the Eurosystem, has announced its interpretation of price stability (maintaining inflation below 2 per cent) and its strategy for achieving this goal. The instruments and procedures through which the Eurosystem conducts its operations are working smoothly.

Keywords: Monetary Policy; Central Bank; Balance Sheet; European Central Bank; Monetary Union (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-98188-7_1

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DOI: 10.1057/9780333981887_1

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