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Erschienen in:
1997 | OriginalPaper | Buchkapitel
EMU and Outsiders: Fixed versus Flexible Exchange Rates
verfasst von : Paul Bergin, Mathias Moersch
Erschienen in: European Monetary Union
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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If European Monetary Union (EMU) commences as planned under the timetable and convergence criteria of the Maastricht treaty, a two-speed arrangement likely will follow. Under this arrangement a core of countries will form a monetary union, leaving a periphery that does not initially participate. The existence of such a periphery raises the issue of the appropriate exchange rate relationship vis-à-vis the core. This paper analyses some key aspects of this choice.