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Monetary and exchange-rate agreements between the European Community and Third Countries

Author

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  • Baudouin Lamine

Abstract

On 1 January 1999, the euro became the single currency of eleven EU Member States, thereby replacing the different national currencies at the respective irrevocably fixed conversion rates. The Member States concerned ceded their monetary policy powers to the European System of Central Banks (ESCB) and , while the Council of Ministers became responsible for the euro area's exchange-rate policy. The participating Member States thus lost their competence to decide on monetary and exchange rate policy issues, and hence also to conclude monetary or exchange-rate agreements with third countries. Such agreements have now come within the exclusive competence of the Community as far as they relate to the euro.

Suggested Citation

  • Baudouin Lamine, 2006. "Monetary and exchange-rate agreements between the European Community and Third Countries," European Economy - Economic Papers 2008 - 2015 255, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0255
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    File URL: https://ec.europa.eu/economy_finance/publications/pages/publication658_en.pdf
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    Cited by:

    1. Nahiyan Faisal Azad & Apostolos Serletis, 2020. "Monetary policy spillovers in emerging economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 25(4), pages 664-683, October.
    2. Martin Hallet, 2008. "The role of the euro in Sub-Saharan Africa and in the CFA franc zone," European Economy - Economic Papers 2008 - 2015 347, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

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