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 …

conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty … 1998. Given that legal constraint several strategies for choosing the relative prices of EMU member currencies against the … bilateral currency conversion factors" to be set at the start of EMU. That approach assumes, however, that no prospective EMU …

Greater financial integration between core and peripheral EMU members had an effect on both sets of countries. Lower …. Core EMU countries took on extra foreign leverage to expose themselves to the peripherals. The result has been asset …’s introduction, Core EMU countries increased their borrowing from outside of EMU and their lending to the EMU periphery. …