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| Author: | Obstfeld, Maurice |
| Title: | A strategy for launching the Euro |
| Journal: | European Economic Review
1998 : JUN, VOL. 42:6, p. 975-1007 |
| Index terms: | EUROPEAN MONETARY SYSTEM MONETARY INTEGRATION EUROPE EXCHANGE RATES LEGISLATION |
| Language: | eng |
| Abstract: | The paper analyzes the constraints that European Union law places on the 1 Jan, 1999 choices of irrevocably fixed conversion rates btw. the Euro and the currencies of the EMU member states. Current EU legislation, the Maastricht treaty, requires that bilateral currency conversion factors equal closing market exchange rates on 31 Dec, 1998. Given the legal constraint, there still exist a plenty of strategies to choose from for the relative prices of the EMU member currencies against the Euro. Most of these strategies do, however, have potentially damaging side effects. In the paper, the choices are dealt with in more detail. |
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