Coordinating European Monetary Union

B. Winkler

Economics Working Papers from European University Institute

Abstract: This paper explores coordination problems in the transition to European Monetary Union (EMU). If incentives to undertake costly convergence and the benefits of EMU to any individual countrydepend on other countries' strategies, innefficiencies and multiple equilibria can arise. A multi-speed approach to EMU is advocated as a possible answer to coordination failures. In such a scenario candidate countries would also have the option to spread the costs of convergence over a longer time period.

Keywords: CENTRAL BANKS; INTERNATIONAL FINANCE (search for similar items in EconPapers)
JEL-codes: E58 E61 F33 F42 (search for similar items in EconPapers)
Pages: 22 pages
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco97/10

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