A Proposal to Introduce the ECU First in the East

Jeffrey Frankel and Charles Wyplosz.
Authors registered in the RePEc Author Service: Charles Wyplosz and Jeffrey Alexander Frankel

No C95-055, Center for International and Development Economics Research (CIDER) Working Papers from University of California at Berkeley

Abstract: First problem: Some of the countries of Eastern Europe and the former Soviet Union are sufficiently eager for price stability that they are willing to sacrifice monetary sovereignty, and to tie their fate to a reliable international currency. Neither the deutschemark nor the dollar, however, quite fits the bill to be that currency. Second problem: Western Europe is eager to make progress toward its goal of monetary union by 1999, with the ECU (European Currency Unit) as the common currency, but momentum is stalled. Solution to both problems: The ECU should receive its "first run" as a lawful medium of exchange in one of those Eastern European countries.

Date: 1995-06-01
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