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Emu: Getting the End-Game Right (Monitoring European Integration 7)
Emu Getting the EndGame Right - Monitoring European Integration 7 Author:David Begg, Francesco Giavazzi, Jurgen Von Hagen, Charles Wyplosz By spring 1998, agreement must be reached on the first group of countries to participate in economic and monetary union (EMU). This report looks at this final stage of the transition to monetary union. Written by a team of distinguished European academics, it discusses the best time to set the final conversion rates between EU currencies... more » and the Euro. The authors consider whether the current ERM rule should continue to operate between the announcement and the start of EMU. They also assess when the new exchange rate system (EMS-2) designed to link "ins" and "pre-ins" should start operating. Their analysis and conclusions will continue to influence the conduct of monetary policy long after the 1998 decisions.« less