analyses how, and under what conditions, Belgium and the Netherlands played a role in the creation of EMU … process by example. However, their conceptions of monetary stability were different. Belgium, as a close ally of the … Commission, played a pace-setting role, especially through creative and diplomatic proposals, whilst the Netherlands played the …

whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the … Netherlands and Spain, and the sample period is 1980-2000. We conclude that major differences in pass-through exist in our sample …