Transition Issues for the European Monetary Union

Willem H. Buiter, Anne C. Sibert

If Stage Three of EMU starts on January 1, 1999, transition issues remain on two time scales. Until July 1, 2002, national currencies and the euro co-exist as legal tender. We argue that intra-EMU currency risk exists in principle during that period, but that no EMU member can be forced out through speculative attacks. Cohabitation of Ins and Outs has an open-ended time scale. We discuss the effect of EMU on incentives for both Ins and Outs to undertake structural reform and the coordination problems associated with the distribution of seigniorage revenue and the Stability and Growth Pact

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Year of publication:	November 1997
Authors:	Buiter, Willem H.
Other Persons:	Sibert, Anne C. (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Eurozone \| Euro area \| EU-Staaten \| EU countries \| Münzgewinn \| Seigniorage \| Währungsspekulation \| Currency speculation \| Währungsunion \| Monetary union

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