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Who Needs Bands? Exchange Rate Policy Before EMU

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  • Bayoumi, Tamim

Abstract

Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany and her immediate neighbours appear the most likely to gain; our knowledge is too uncertain to say whether all, some, or no countries would reap net economic benefits, however. The second issue is how to avoid exchange rate instability in the transition to EMU. Experience from earlier exchange rate regimes suggests that an early announcement of the parities at which different currencies would enter EMU could reduce such instability if governments were willing to accept the required limitations on domestic policies.

Suggested Citation

  • Bayoumi, Tamim, 1995. "Who Needs Bands? Exchange Rate Policy Before EMU," CEPR Discussion Papers 1188, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1188
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    Cited by:

    1. W.H. Buiter, 1995. "Macroeconomic Policy During a Transition to Monetary Union," CEP Discussion Papers dp0261, Centre for Economic Performance, LSE.

    More about this item

    Keywords

    EMU; Exchange Rates;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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