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The EMU after Three Years: Lessons and Challenges

Peter Bofinger ()

No 2002_1, ECE Discussion Papers Series from UNECE

Abstract: The paper provides an analysis of the first three years of the European Monetary Union. It discusses the changeover to Euro notes, the performance of monetary policy in terms of price stability and real growth, the establishment of credibility for the ECB, and the two pillar strategy. The weakness of the euro's exchange value during the first three years is explained. Some aspects of the eastern enlargement of the eurozone are examined especially the problems that may be associated with the lack of real convergence. Other issues such as the importance of a Balassa-Samuelson effect and the need for appropriate fiscal policies are discussed.

Keywords: European Monetary Union; European Central Bank; Euro; monetary policy (search for similar items in EconPapers)
JEL-codes: E42 E58 E60 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2002-02
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Published in UNECE Discussion Paper Series, No. 2002_1

Downloads: (external link) First version, 2002 (application/pdf)

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