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

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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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