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| Author: | Lommatzsch, K. Tober, S. |
| Title: | Monetary Policy Aspects of the Enlargement of the Euro Area |
| Journal: | Economic Bulletin
2002 : JUN, VOL. 39:6, p. 195-202 |
| Index terms: | EUROPE EUROPEAN UNION MONETARY POLICY ECONOMICS |
| Language: | eng |
| Abstract: | Accession of the candidate countries to the EU is to be followed by the introduction of the euro, although with some delay. This raises two fundamental questions. First, whether the ECB will, given its current decision making procedures, be able to adopt the needed monetary policy measures as swiftly as necessary. Second, whether structural inflation in the candidate countries will cause serious problems for monetary policy in the euro area. In this paper the authors maintain that reform of the ECB's decision-making procedures is of the utmost importance. The authors answer these questions and states that in order to function efficiently, the ECB's decision-making body needs to be manageable in terms of size. |
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