De Grauwe, Paul - C.E.P.R. Discussion Papers - 1996
Euro, with an irrevocably fixed exchange rate with the other EMU member countries, by 1999. We also compute the …The use of forward interest rates with a settlement time after the start of EMU (1 January 1999) allows us to derive … probabilities attached by the market to the occurrence of EMU. We use the DM/ECU forward interest rates as our central source of …