Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union

Paul Hilbers, Arto Kovanen and Charles Enoch

No 1997/178, IMF Working Papers from International Monetary Fund

Abstract: The European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This paper briefly summarizes the arrangements and identifies some areas in which important decisions still have to be made or refinements introduced—including the choice of counterparties in fine-tuning open market operations; the design of reserve requirements; the signaling function of monetary operations; and payment system relationships with non-EMU participants in the EU.

Keywords: WP; interest rate; ECB statute; financial institution; NCBs; asset; monetary policy; Monetary Operations; EMU; ECB state; ESCB monetary policy operations; ECB operating procedures; ECB approval; credit operation; ECB payment mechanism; Credit; Reserve requirements; Market interest rates; Standing facilities; Open market operations; Europe (search for similar items in EconPapers)
Pages: 23
Date: 1997-12-01
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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1997/178

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