Titlebook: European Monetary Union; Transition, Internat Paul J. J. Welfens Conference proceedings 1997 Springer-Verlag Berlin Heidelberg 1997 Auenwir

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EMU and Outsiders: Fixed versus Flexible Exchange Ratesikely will follow. Under this arrangement a core of countries will form a monetary union, leaving a periphery that does not initially participate. The existence of such a periphery raises the issue of the appropriate exchange rate relationship vis-à-vis the core. This paper analyses some key aspects

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Foregery

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Deficits, Debts and the Stability Pacts. Today, already 9 or 10 countries satisfy the criteria for inflation, interest and exchange rates. Despite these positive results, uncertainties remain about the EMU starting on schedule because of insufficient convergence with regard to the fiscal criteria. This view is not only wrong, but also d

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Compromise Should not Undermine the Credibility of the Euro Currencyhe beginning of 1999 as a start date, the strict fulfillment of the convergence criteria and the large number of participants involved. The question of where to compromise will have to be decided on a political level. It is, however, certainly useful to remember that the three goals have different j

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