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| Author: | Berthold, N. Fehn, R. Thode, E. |
| Title: | Real wage rigidities, accommodative demand policies, and the functioning of EMU |
| Journal: | Weltwirtschaftliches Archiv
1999 : VOL. 135:4, p. 545-572 |
| Index terms: | ECONOMICS PAY EUROPEAN MONETARY SYSTEM |
| Language: | eng |
| Abstract: | Most observers appear to be convinced that the Euro will be a success story, and that it will more or less smoothly substitute the respective national currencies by July, 2000, or even somewhat earlier. This may or may not be true. Doubts appear whether EMU will function as smoothly and will be as stable as it is generally expected. The Maastricht criteria only demand nominal convergence. As is now evident, entry to EMU is not restricted to countries which exhibit a considerable degree of real convergence. |
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