Kieler, Mads - International Monetary Fund (IMF) - 2003
, and excessively stringent. This paper attempts a comprehensive evaluation of the trade-offs for the euro area and finds …-stability range would seem, at least with the current membership of EMU, to strike a judicious balance between the benefits of price … stability, on the one hand, and the need to assist relative price and wage adjustment across EMU and safeguard against deflation …