Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 20
... money ( that is , the central bank has to hold sufficient foreign exchange reserves to cover its entire monetary liabilities ) ; a sufficiently restrictive fiscal policy ( this in turn requires broad political support - lack of such ...
... money ( that is , the central bank has to hold sufficient foreign exchange reserves to cover its entire monetary liabilities ) ; a sufficiently restrictive fiscal policy ( this in turn requires broad political support - lack of such ...
Page 97
... exchange rate will allow to meet the requirements in Article 192e of the Treaty on the common exchange rate policy ... foreign currencies . Finally , devaluation would make the servicing of country debt more difficult , as its largest part is ...
... exchange rate will allow to meet the requirements in Article 192e of the Treaty on the common exchange rate policy ... foreign currencies . Finally , devaluation would make the servicing of country debt more difficult , as its largest part is ...
Page 105
... currency board arrangement was implemented by the Law on Security for the Estonian Kroon . It states that ( 1 ) the issue of the kroon has to be fully secured by Estonia's gold and convertible foreign exchange reserves , ( 2 ) the exchange ...
... currency board arrangement was implemented by the Law on Security for the Estonian Kroon . It states that ( 1 ) the issue of the kroon has to be fully secured by Estonia's gold and convertible foreign exchange reserves , ( 2 ) the exchange ...
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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