The Hard Ecu and Alternative Paths to EMU

This year members of the European Community (EC) are holding technical discussions on monetary union. The debate is to encompass the ultimate form of monetary union as well as the transition process by which it will be achieved. This paper attempts to contribute to these discussions in two ways. First, I analyse the implications for monetary policy implementation in Europe of the transition to monetary union. Second, I examine some of the many proposals for European monetary union, particularly those advocating the introduction of a hard ecu.

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