Monetary Policy Strategies before Euro Adoption: The Art of Chasing Many Rabbits

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Title:Monetary Policy Strategies before Euro Adoption: The Art of Chasing Many Rabbits
Creators:
Antal, Juraj
Filáček, Jan
Frait, Jan
Horváth, Roman
Kotlán, Viktor
Skořepa, Michal
Journal or Publication Title:
AUCO Czech Economic Review, 3, 2, pp. 176-199
Uncontrolled Keywords:Monetary policy, euro adoption, ERM II, EU

Abstract

This policy paper deals with the main strategic issues for monetary policy in new EU member states before their euro adoption. These are typically rooted in the challenge of fulfilling concurrently of the Maastricht inflation and exchange rate criteria. In this paper we first put forward that these criteria are vaguely defined and distinguish between the wording, written interpretation and ’revealed’ interpretation (by the European authorities) of these criteria. Next, the paper contain the comprehensive discussion of the strategic options for monetary policy in the period of fulfilment of these criteria in terms of (i) its transparency, (ii) its continuity with the previous monetary policy regime, (iii) the choice of central parity for the ERM II, (iv) the setting of the fluctuation bandwidth, (v) the probability of fulfilment of both criteria and (vi) the impact on the autonomy of monetary policy.

Official URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=416CC5F1-12EA-4C1E-AE92-74B158D15346&articleid=6390605F-865D-4132-AB1D-9C1394CA7522

Title:Monetary Policy Strategies before Euro Adoption: The Art of Chasing Many Rabbits
Creators:
Antal, Juraj
Filáček, Jan
Frait, Jan
Horváth, Roman
Kotlán, Viktor
Skořepa, Michal
Uncontrolled Keywords:Monetary policy, euro adoption, ERM II, EU
Subjects:H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HF Commerce
Divisions:Section of external journals > AUCO Czech Economic Review
Journal or Publication Title:AUCO Czech Economic Review
Volume:3
Number:2
Page Range:pp. 176-199
ISSN:1802-4696
Publisher:Charles University
Related URLs:
URLURL Type
http://auco.cuni.czPublisher
http://avi.lib.cas.cz/node/183Publisher
ID Code:4455
Item Type:Article
Deposited On:27 Jul 2009 16:19
Last Modified:27 Jul 2009 14:19

Citation

Antal, Juraj; Filáček, Jan; Frait, Jan; Horváth, Roman; Kotlán, Viktor; Skořepa, Michal (2009) Monetary Policy Strategies before Euro Adoption: The Art of Chasing Many Rabbits. AUCO Czech Economic Review, 3 (2). pp. 176-199. ISSN 1802-4696

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