Autore
Winkler, Bernhard

Titolo
Coordinating European Monetary Union
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1997 - Fascicolo: 10 - Pagina iniziale: 1 - Pagina finale: 22

This paper explores coordination problems in the transition to European Monetary Union (EMU). If incentives to undertake costly convergence and the benefits of EMU to any individual country depend on other countries' strategies, inefficiencies and multiple equilibria can arise. A multi-speed approach to EMU is advocated as a possible answer to coordination failures. In such a scenario candidate countries would also have the option to spread the costs of convergence over a longer time period. Keywords: European Monetary Union, policy coordination, convergence



Testo completo: http://hdl.handle.net/1814/619

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