This paper addresses the issue of the transition from Stage Two of EMU to Stage Three. The criteria established in the …

Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany … transition to EMU. Experience from earlier exchange rate regimes suggests that an early announcement of the parities at which … different currencies would enter EMU could reduce such instability if governments were willing to accept the required …

exchange rate movements and the relative output movements of potential members of a European Monetary Union (EMU). We find that … results make it hard to argue that the loss of exchange rate flexibility accompanying EMU would come at a significant cost to …

Economic and Monetary Union (EMU) were met and the seventh pair saw the euro conversion rate be set at 200 escudos. The agreed …-oriented policy was maintained until EMU qualification but there were no other major reforms, rasing the threat of a "euro hold … on capital inflows at the beginning of first stage of EMU. Yet, the escudo-DMark rate, even allowing for the last …

-run nominal rigidity in wages and prices, one would expect that under European Monetary Union (EMU) the loss of the exchange rate … strategically responsive monetary policy, floating is superior to EMU for all countries, and that even if the rest of the Community … proceeds with EMU, the UK is better off outside it. This latter conclusion is reinforced in the exercise on the more refined UK …

currently discussed on exchange rate dynamics in the transition phase towards Stage III of EMU. The conclusions from our … analysis may provide guidelines not only for the initial EMU members, but also for the countries that join at a later stage. …

conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One …, allows a highly credible preannouncement of the bilateral currency conversion factors to be set at the start of EMU. That …