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
... credible basis for monetary stability and low inflation . To ensure such credibility , three conditions have to be met : sufficient backing of base money ( that is , the central bank has to hold sufficient foreign exchange reserves to ...
... credible basis for monetary stability and low inflation . To ensure such credibility , three conditions have to be met : sufficient backing of base money ( that is , the central bank has to hold sufficient foreign exchange reserves to ...
Page 103
... credibility and transparency of monetary policy as well as a firm ground for economic reforms . Despite of rigidity of CB arrangement , it has had two major advantages for Estonia . First , it helped to gain rapid credibility . Second ...
... credibility and transparency of monetary policy as well as a firm ground for economic reforms . Despite of rigidity of CB arrangement , it has had two major advantages for Estonia . First , it helped to gain rapid credibility . Second ...
Page 149
... credibility problems remain manageable . At very high debt levels the credibility problem become over - riding so that the country gains a lot from joining the euro . Applied to the enlargement process this implies that both countries ...
... credibility problems remain manageable . At very high debt levels the credibility problem become over - riding so that the country gains a lot from joining the euro . Applied to the enlargement process this implies that both countries ...
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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 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