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The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions

Alberto Giovannini

NBER Working Paper No. 3917
Issued in November 1991
NBER Program(s):International Trade and Investment Program, International Finance and Macroeconomics Program

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.

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Document Object Identifier (DOI): 10.3386/w3917

Published: European Economic Review Volume 36, April 1992

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