Title Characteristics of the Euro, the demand for reserves, and policy coordination under EMU / prepared by Paul R. Masson and Bart G. Turtelboom

Published [Washington, D.C.] : International Monetary Fund, Research Dept., ©1997

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Description 1 online resource (37 pages) Series IMF working paper, 2227-8885 ; WP/97/58 IMF working paper ; WP/97/58. Summary Economic and monetary union (EMU) in Europe will be a major event for the international monetary system. The creation of a new currency, the euro, will provide a potentially serious rival for the U.S. dollar at the center of the international monetary system. The euro will be a currency whose economic base, as measured by the combined GDP of the currency area, will be close to, and perhaps even greater than, that for the dollar, depending on the countries that actually proceed to stage 3 of EMU. It will be a currency in its own right, rather than a basket currency like the ECU. Moreover, the statutes of the European Central Bank (ECB) provide strong guarantees that the new currency will be backed by monetary policies oriented toward price stability. The excessive deficit procedures established by the Maastricht Treaty, reinforced by the recently concluded Stability and Growth Pact, should help to ensure that fiscal policies will not interfere with that monetary policy objective Bibliography Includes bibliographical references (pages 34-37) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Money -- European Union countries. Monetary policy -- European Union countries Monetary unions -- Europe Monetary policy Monetary unions Money Europe European Union countries Form Electronic book Author Turtelboom, Bart International Monetary Fund. Research Department. ISBN 145189466X 9781451894660 1281345733 9781281345738 1462338917 9781462338917 145273917X 9781452739175 9786613779304 661377930X

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