and monetary union (EMU), as well as on some key problems of Stage Three that EMU’s monetary and fiscal structures … single joint currency. A third problem, one that is central for EMU and to any currency union, lies behind the difficulty of … with the provision of lender of last resort facilities in the euro zone and the framework for supervising financial …

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 … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …

The U.S. dollar's nominal effective exchange rate closely tracks global financial conditions, which themselves show a …, especially influencing the fortunes of emerging and developing economies (EMDEs). This paper documents that dollar appreciation … shocks predict economic downturns in EMDEs and highlights policies countries could implement to dampen the effects of dollar …

The U.S. dollar’s nominal effective exchange rate closely tracks global financial conditions, which themselves show a …, especially influencing the fortunes of emerging and developing economies (EMDEs). This paper documents that dollar appreciation … shocks predict economic downturns in EMDEs and highlights policies countries could implement to dampen the effects of dollar …