- Thomas Krueger, Paul Masson, and Bart Turtelboom
- Published Date:
- September 1997
©1997 International Monetary Fund
Cover and Design by IMF Graphics Section
Library of Congress Cataloging-in-Publication Data
EMU and the international monetary system : proceedings of a conference held in Washington DC on March 17–18, 1997, cosponsored by the Fondation Camille Gutt and the IMF/ Editors, Paul R. Masson, Thomas H. Krueger, and Bart G. Turtelboom.
Includes bibliographical references.
1. Monetary unions—European Union countries—Congresses. 2. Foreign exchange—Congresses. 3. Foreign exchange—European Union countries—Congresses. 4. European currency unit—Congresses. 5. International finance—Congresses. I. Masson, Paul R. II. Krueger, Thomas H., 1956-III. Turtelboom, Bart G. IV. Fondation Camille Gutt. V. International Monetary Fund.
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This volume is the record of a conference on EMU and the International Monetary System that was held at the International Monetary Fund in Washington, D.C., on March 17–18, 1997, cosponsored by the Fondation Camille Gutt and the IMF. The papers included in the volume were the basis for the presentations by the authors at the conference, though they include some subsequent revisions. Comments of discussants and, in some cases, of the general discussion accompany the papers. Speeches by the IMF’s Managing Director Michel Camdessus, Minister Philippe Maystadt, and Banker’s Trust Director Paul Volcker, as well as contributions by the participants of two roundtable discussions have also been included. The book’s introductory chapter by the editors presents an overview and summary of the main themes that emerged at the conference.
We were particularly honored that the Fondation Camille Gutt agreed to be a cosponsor for this conference. The Fondation Camille Gutt, a nonprofit organization located in Brussels, is devoted to the encouragement of teaching and research in economics, in particular in the areas of public and private finance. The Fondation is named after the first Managing Director of the International Monetary Fund in recognition of his many contributions during a multifaceted career as a journalist, cabinet member in Belgium, and international civil servant.
The views expressed in this volume are those of the individual authors and participants—subject to any misinterpretation that might have crept in through the editorial process, for which we alone are responsible—and should not be attributed to the International Monetary Fund or any institution with which an individual author is affiliated.
We are grateful to a number of people for helping us with the organization of the conference and the editing of this volume, and we appreciate that the contributors kept to tight deadlines to ensure a speedy publication of the volume. Many colleagues helped us in formulating themes and in attracting participants, especially Michel Camdessus, Michael Mussa, and Massimo Russo. We are grateful to Carol Ball and Pat Davies for their expert and tireless help with the organizational details, to Marina Primorac for the long hours she spent editing the text and overseeing the production of the book, and to Jeffery Gable, Kellett Hannah, and Pamela Sak for help during the editorial process.
Many assistants spent countless hours helping with various phases of the conference and the preparation of the book; we would like to thank Katia Berruetta, Celia Burns, Maria Orihuela, Julie Reiter, and, most important, Norma Alvarado and Rosalind Oliver. We would also like to express our appreciation to Baron Godeaux and Michel Vanden Abeele of the Fondation Camille Gutt.
Paul R. Masson
Thomas H. Krueger
Bart G. Turtelboom
Paul R. Masson, Thomas H. Krueger, and Bart G. Turtelboom
Chair: Muhammad Al-Jasser
C. Fred Bergsten
George Alogoskoufis and Richard Portes
Chair: Alassane Ouattara
Paul De Grauwe
John Berrigan and Hervé Carré
Chair: Hanna Gronkiewicz-Waltz
Agnès Bénassy-Quéré, Benoît Mojon, and Jean Pisani-Ferry
Paul R. Masson and Bart G. Turtelboom
Ralph C. Bryant
Chair: Stanley Fischer
Edwin M. Truman
Paul A. Volcker
Chair: Daniel Kaeser
Alessandro Prati and Garry J. Schinasi
Robert N. McCauley and William R. White
Chair: Michael Mussa
Comments: Joly Dixon
Fabio Ghironi and Francesco Giavazzi
Chair: Jean-Jacques Rey
Jacques J. Polak
Chair: Massimo Russo
W. Paul Jenkins
List of Contributors
The following symbols have been used throughout this volume:
…to indicate that data are not available;
0.0 to indicate that the figure is zero or less than half the final digit shown;
n.a. to indicate that the item does not exist;
- between years or months (e.g., 1994–1995 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this volume, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
List of AbbreviationsAPEC
Asia-Pacific Economic Cooperation CouncilBCEAO
Banque Centrale des Etats dc I’Afriquc de I’OuestBEAC
Banque des États de l’Afrique CentraleBIS
Bank for International SettlementsBONY
Bank of New YorkCEMAC
Central African Economic and Monetary CommunityCSD
central securities depositoryDTB
European Bank for Reconstruction and DevelopmentEC
European Central BankECOFIN
Council of European Union Economies and Finance MinistersECU
European currency unitEFC
Economic and Financial CommitteeEMF
European Monetary FundEMI
European Monetary InstituteEMS
European Monetary SystemEMU
Economic and Monetary UnionERM
exchange rate mechanismESCB
European System of Central BanksEU
fundamental equilibrium exchange ratesFRA
forward rate agreementsFTAA
Free Trade Area of the AmericasIMF
International Monetary FundISD
Investment Services DirectiveLIFFE
London International Financial Futures ExchangeLOLR
lender of last resortMATIF
Marché à Terme International de FranceNCB
national central banksOCA
optimum currency areaREER
real effective exchange rateROW
rest of the worldRTGS
real-time gross settlementSDR
special drawing rightTARGET
Trans-European Automated Real-Time Gross Settlement Express TransferUDEAC
Union Douanière des États d’Afrique CentraleUMOA
Union Monétaire Quest Africaine