Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 11
... ERMII , in particular : • the possibility of adjusting to the market equilibrium exchange rate ; an active monetary policy ; the fact that the movement of the nominal exchange rate could absorb part of the real appreciation linked to ...
... ERMII , in particular : • the possibility of adjusting to the market equilibrium exchange rate ; an active monetary policy ; the fact that the movement of the nominal exchange rate could absorb part of the real appreciation linked to ...
Page 12
... ERMII as this could damage the credibility of the existing policy framework , notably by raising markets ' expectations of a change in the exchange rate arrangement . Mr Honohan also intervened to stress that the debate on compatibility ...
... ERMII as this could damage the credibility of the existing policy framework , notably by raising markets ' expectations of a change in the exchange rate arrangement . Mr Honohan also intervened to stress that the debate on compatibility ...
Page 14
... ERMII participation must be considered , including by member States with a CBA , as well as successful conditions for participation . • Joining the ERMII could be a convenient " exit strategy " for countries with a currency board . It ...
... ERMII participation must be considered , including by member States with a CBA , as well as successful conditions for participation . • Joining the ERMII could be a convenient " exit strategy " for countries with a currency board . It ...
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accession countries adjustment adopt the euro anchor currency assets average Bank of Estonia Bank of Lithuania banking sector banking system budget Bulgaria candidate countries capital movements cent central bank commercial banks competitiveness credibility currency board arrangement currency board system Currency Commission current account deficit debt Directorate domestic Economic and Financial Economic and Monetary economic policy EMU acquis ERMII Estonian kroon Estonian monetary euro area European Commission European Union exchange rate policy exchange rate regime exports Financial Affairs financial markets financial sector fiscal policy fixed exchange rate flexibility foreign exchange framework growth Hong Kong Honohan implementation important increase inflation integration interbank interest rates investment Irish pound joining the euro liquidity litas macroeconomic Member monetary policy monetary system Monetary Union money market nominal participation payments percent period real exchange rate reserve requirement Russian crisis seigniorage stabilisation trade transition economies wages