The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions
The paper discusses the policy problems of a project aimed at substituting several national currencies with one single currency. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community. The issues discussed include the choice of conversion rates and the effects of exchange-rate devaluations at the time of the monetary reform.
Document Object Identifier (DOI): 10.3386/w3917
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