in Economic and Monetary Union (EMU), net general government borrowing may not exceed 3% of GDP and general government …

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 …

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 …

eroded political support for actions aimed at enhancing EMU membership chances. …

The main issue in the early years of EMU is one of credibility. On one hand, high exposure to asymmetric shocks and low … adaptability (be it in terms of stabilization or adjustment) to both symmetric and asymmetric shocks make the early years of EMU … potentially problematic. On the other hand, significant economic differences between EMU countries raise questions regarding the …

-Euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …

What are the prospects that risk sharing in EMU will ever attain the levels in the US? So far as the risk sharing in … and evidence on the subject. The evidence would indicate that EMU still lags far behind the US as regards the pooling of …