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The Risk of Deflation in the Future EMU: Lessons of the 1990s
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1998
and fiscal restriction in the future EMU. In this connection, we argue that the Stability Pact has transformed the 60 …
Persistent link: https://www.econbiz.de/10005662318
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The Indeterminacy of the Euro Conversion Rates. Why it Matters and How it can be Solved
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1997
will spill over into an indeterminacy of the exchange rates of outside currencies with the EMU currencies (e.g. the dollar …/DM rate). As a result, turbulence in these foreign exchange markets is likely during the approach to EMU. The emergence of …
Persistent link: https://www.econbiz.de/10005662348
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Forward Interest Rates as Predictors of EMU
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1996
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 … Euro, with an irrevocably fixed exchange rate with the other EMU member countries, by 1999. We also compute the …
Persistent link: https://www.econbiz.de/10005789035
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The Political Economy of Monetary Union in Europe
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1993
The Maastricht transition strategy towards monetary union is based on the idea that the transition strategy should be gradual, and that entry into the union should be conditional on the fulfilment of convergence criteria. It is argued in this paper that this approach is not based on an economic...
Persistent link: https://www.econbiz.de/10005789068
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The Prospects of a Mini Currency Union in 1999
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1996
create a situation in which the countries excluded from the EMU will use their negative voting power to bar the entry of a …
Persistent link: https://www.econbiz.de/10005791193
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The Economics of Convergence towards Monetary Union in Europe
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1995
This paper surveys the literature on monetary integration to discover the economic rationale of the Maastricht convergence requirements. The traditional theory of optimum currency areas is silent on the need to have Maastricht-type convergence requirements. The new view of monetary integration...
Persistent link: https://www.econbiz.de/10005791756
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Exchange Rate Arrangements between the Ins and the Outs
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1997
This paper analyses several issues. First, it describes the main features of ERM II and compares them with those of ERM I as it evolved during the 1980s and 1990s. Second, it analyses whether, and under what conditions, ERM II will be more successful than its predecessor in avoiding disruptive...
Persistent link: https://www.econbiz.de/10005791924
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How to Fix Conversion Rates at the Start of EMU
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1996
This paper analyses several procedures for fixing conversion rates at the start of EMU. One consists of announcing a …
Persistent link: https://www.econbiz.de/10005123519
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Setting Conversion Rates for the Third Stage of EMU
De Grauwe, Paul; Spaventa, Luigi - C.E.P.R. Discussion Papers - 1997
value of the Ecu cannot be changed at the start of the third stage of EMU and that one Ecu must be converted into one Euro …
Persistent link: https://www.econbiz.de/10005123573
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The European Central Bank: Decision Rules and Macroeconomic Performance
Aksoy, Yunus; De Grauwe, Paul; Dewachter, Hans - C.E.P.R. Discussion Papers - 1999
where asymmetric shocks and divergent propagation of shocks on output and inflation are potential causes of tensions within …
Persistent link: https://www.econbiz.de/10005792531