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Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union
Author: Mr. Paul Louis Ceriel Hilbers, Mr. Arto Kovanen, and Mr. Charles Enoch
Series:
IMF Working Papers
Volume/Issue:
Volume 1997: Issue 178
Language:
English
Publication Date:
01 Dec 1997
DOI:
https://doi.org/10.5089/9781451858914.001
ISBN:
9781451858914
ISSN:
1018-5941
Pages:
23
Keywords:
WP; interest rate; ECB statute; financial institution; NCBs; asset; monetary policy; Monetary Operations; EMU; ECB state; ESCB monetary policy operations; ECB operating procedures; ECB approval; credit operation; ECB payment mechanism; Credit; Reserve requirements; Market interest rates; Standing facilities; Open market operations; Europe
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This paper briefly summarizes the arrangements and identifies some areas in which important decisions still have to be made or refinements introduced—including the choice of counterparties in fine-tuning open market operations; the design of reserve requirements; the signaling function of monetary operations; and payment system relationships with non-EMU participants in the EU.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund