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EMU strategies for new Member States: the role of Exchange Rate Mechanism II

Author

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  • Theodoros S. Papaspyrou

    (Bank of Greece)

Abstract

This paper examines the role of ERM II in the convergence effort of the new Member States, against the background of past convergence experience and in the light of EU rules for economic and monetary policy. Key aspects of the mechanism are analysed, including the appropriate timing and duration of participation in ERM II, intervention in the foreign exchange markets to defend central rates, fiscal adjustment as well as exit strategies from existing regimes. It emerges from the analysis that ERM II rules are flexible enough to accommodate a number of new Member States’ exchange rate regimes and that both exchange-rate-based monetary regimes as well as inflation targeting regimes can lead to a successful outcome, if accompanied by sound economic and fiscal policies.

Suggested Citation

  • Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, issue 23, pages 7-25, July.
    • Handle: RePEc:bog:econbl:y:2004:i:23:p:23-25
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    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull200407.pdf
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    References listed on IDEAS

    as
    1. Weichselbaumer, Doris & Winter-Ebmer, Rudolf, 2003. "Rhetoric in Economic Research: The Case of Gender Wage Differentials," Economics Series 144, Institute for Advanced Studies.
    2. Nicholas G. Zonzilos, 2004. "Econometric Modelling at the Bank of Greece," Working Papers 14, Bank of Greece.
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    More about this item

    Keywords

    EU enlargement; EMU; ERM II;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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