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Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues
Jacob A. Frenkel and Morris Goldstein
Staff Papers (International Monetary Fund)
Vol. 38, No. 2, Special Issue on Europe (Jun., 1991), pp. 356-373
Stable URL: http://www.jstor.org/stable/3867103
Page Count: 18
You can always find the topics here!Topics: Monetary policy, Exchange rates, Currency, Fiscal policy, Monetary unions, Taxes, Current account, Economic policy, Economic sterilization, International economics
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Key issues relating to the design and implementation of monetary policy in an emerging European economic and monetary union are discussed, although specific institutional proposals for transition to EMU are neither endorsed nor dismissed. The goals of monetary policy are examined in the context of the interrelationships among price stability, current account equilibrium, and exchange rate stability. Issues addressed relevant to the implementation of monetary policy include coordination versus autonomy, rules versus discretion, and the role of sterilized official intervention. Finally, the importance of fiscal discipline is emphasized, and several alternative mechanisms for encouraging it are evaluated.
Staff Papers (International Monetary Fund) © 1991 International Monetary Fund