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Introduction

In: Open Issues in European Central Banking

Author

Listed:
  • Lorenzo Bini Smaghi

    (Italian Treasury)

  • Daniel Gros

    (Centre for European Policy Studies)

Abstract

After a seven-year transition period, Economic and Monetary Union (EMU) was finally launched on 1 January 1999. Exchange rates were irrevocably fixed and the European System of Central Banks (ESCB) began to conduct the single monetary policy for the 11 EU countries participating in the Eurozone. The primary objective of the policy is clearly established in the Maastricht Treaty and has since been restated on numerous occasions: price stability. The ECB, or rather the Eurosystem, has announced its interpretation of price stability (maintaining inflation below 2 per cent) and its strategy for achieving this goal. The instruments and procedures through which the Eurosystem conducts its operations are working smoothly.

Suggested Citation

  • Lorenzo Bini Smaghi & Daniel Gros, 2000. "Introduction," Palgrave Macmillan Books, in: Open Issues in European Central Banking, pages 1-4, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98188-7_1
    DOI: 10.1057/9780333981887_1
    as

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    Cited by:

    1. Richard N. Cooper, 1999. "Exchange Rate Choices," Harvard Institute of Economic Research Working Papers 1877, Harvard - Institute of Economic Research.

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