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| Author: | Cohen, D. Loisel, O. |
| Title: | Why was the euro weak? Markets and policies |
| Journal: | European Economic Review
2001 : MAY, VOL. 45:4-6, p. 988-994 |
| Index terms: | EURO FISCAL POLICY MONETARY POLICY |
| Language: | eng |
| Abstract: | Against all odds, the euro turned out to be a weak currency. The authors argue that this outcome can readily be explained by the policy-mix that was chosen at the onset of the period: tight fiscal policies following the convergence mechanism that was imposed by the Maastricht treaty and loose monetary policy that resulted from the convergence of interest rates to the lower point of the spectrum. |
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