EMU and the International Monetary System
Front Matter

Front Matter

Editor(s):
Thomas Krueger, Paul Masson, and Bart Turtelboom
Published Date:
September 1997
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    ©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.

    p. cm.

    Includes bibliographical references.

    ISBN 1-55775-664-3

    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.

    HG3942.8.E64 1997

    332.4959096—DC21

    97-25671

    CIP

    Price: US$35.00

    Please send orders to:

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    Preface

    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

    Contents

    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 Abbreviations

    APEC

    Asia-Pacific Economic Cooperation Council

    BCEAO

    Banque Centrale des Etats dc I’Afriquc de I’Ouest

    BEAC

    Banque des États de l’Afrique Centrale

    BIS

    Bank for International Settlements

    BONY

    Bank of New York

    CEMAC

    Central African Economic and Monetary Community

    CSD

    central securities depository

    DTB

    Deutsche Terminbörse

    EBRD

    European Bank for Reconstruction and Development

    EC

    European Community

    ECB

    European Central Bank

    ECOFIN

    Council of European Union Economies and Finance Ministers

    ECU

    European currency unit

    EFC

    Economic and Financial Committee

    EMF

    European Monetary Fund

    EMI

    European Monetary Institute

    EMS

    European Monetary System

    EMU

    Economic and Monetary Union

    ERM

    exchange rate mechanism

    ESCB

    European System of Central Banks

    EU

    European Union

    FEER

    fundamental equilibrium exchange rates

    FRA

    forward rate agreements

    FTAA

    Free Trade Area of the Americas

    IMF

    International Monetary Fund

    ISD

    Investment Services Directive

    LIFFE

    London International Financial Futures Exchange

    LOLR

    lender of last resort

    MATIF

    Marché à Terme International de France

    NCB

    national central banks

    OCA

    optimum currency area

    REER

    real effective exchange rate

    ROW

    rest of the world

    RTGS

    real-time gross settlement

    SDR

    special drawing right

    TARGET

    Trans-European Automated Real-Time Gross Settlement Express Transfer

    UDEAC

    Union Douanière des États d’Afrique Centrale

    UMOA

    Union Monétaire Quest Africaine

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