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The Euro and the World Monetary system

  • EMU
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Intereconomics

Abstract

Stage Three of European Economic and Monetary Union is scheduled to begin on 1st January 1999 at the latest; by 1st July 2002 the euro will probably be the only legal tender in the participating countries. The role of the European Central Bank and the euro in the international monetary system is still very unclear, however. This poses a risk for the intended independence of the ECB.

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References

  1. For a critique of the ESCB, see G. Heinsohn, O. Steiger: Kategorie-2-Sicherheiten: alarmierende Defekte im zukünftigen ESZB, in: WIRTSCHAFTSDIENST, No. 5, 1997, pp. 265–267. The Treaty speaks of “price stability”, but it undoubtedly means “price level stability”.

  2. With regard to the organisation structure and functions of the IMF, see: Articles of Agreement, Washington, D.C., 1978, the more recent Annual Reports of the IMF and F.-J. Rose: Der IWF und die Weitbankgruppe, in: International Economics, Working Papers 9501, Paderborn 1995.

  3. The last round of GATT negotiations, in which the EU presented itself as a single negotiating partner, serves as a model in this respect. On the problems of the external competence of the EC, see P. Gilsdorf: Die Außenkompetenz der EG im Wandel, in: EuR, No. 2. 1996, pp. 145–163.

  4. See European Monetary Institute: Annual Report 1996, Frankfurt am Main, April 1997.

  5. See J. Williamson (ed:): Exchange Rate Rules, New York 1981; J. R. Artus, J. H. Young: Fixed and Flexible Exchange Rates, in: IMF Staff Papers, No. 26, Washington, D.C., 1979, pp. 654–698; J. S. Bhandari, B. H. Putnam: Economic Interdependence and Flexible Exchange Rates, Cambridge 1983.

  6. With regard to the franc zone, see A. Delage, A. Massiera: Le Franc OFA: Bilan et Perspectives, Paris 1994.

  7. CFA: Franc de la Communauté Financiè d'Afrique for the West African Monetary Union, Franc de la Coopération Financière en Afrique Central for the Central African Monetary Area; CFP: Change Franc Pacifique.

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Authors and Affiliations

  1. University of Paderborn, Germany

    Franz-Josef Rose

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  1. Franz-Josef Rose
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Rose, FJ. The Euro and the World Monetary system. Intereconomics 32, 220–224 (1997). https://doi.org/10.1007/BF02929830

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  • DOI: https://doi.org/10.1007/BF02929830

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