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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
DOI: 10.2307/3867103
Stable URL: http://www.jstor.org/stable/3867103
Page Count: 18
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues
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Abstract

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.

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