Unresolved Issues on the Road to EMU in Europe

Peter Bofinger ()

No 405, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The paper examines the integration strategy laid down in the Delors Committee Report. It focuses on two issues: Is a comprehensive conceptual framework for monetary coordination in Europe needed already in Stage One, and how could it be designed? What is the rationale for a training period for the European System of Central Banks, and is it possible to share responsibilities in the field of monetary policy? Section 2 examines the coordination process starting on 1 July 1990 and identifies its main deficiencies. Section 3 discusses proposals for a pooling of monetary instruments in Stage Two and develops an integration of Stages One and Two. Section 4 deals with two problems of the final stage: the failure to intergrate the plans for EMU within the international monetary order and provides insufficient microeconomic incentives to safeguard the target of price stability.

Keywords: EMS; European Economic and Monetary Union; Macro Economic Policy Coordination; Monetary Regimes (search for similar items in EconPapers)
Date: 1990-03
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