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 …

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 …

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 …

Greater financial integration between core and peripheral EMU members not only had an effect on both sets of countries … but also spilled over beyond the euro area. Lower interest rates allowed peripheral countries to run bigger deficits …, which inflated their economies by allowing credit booms. Core EMU countries took on extra foreign leverage to expose …