Monetary policy at the European periphery: Greek experience and lessons for EU candidates

Mourmouras, Iannis A. and Arghyrou, Michael Georgiou ORCID: https://orcid.org/0000-0001-6222-5086 2000. Monetary policy at the European periphery: Greek experience and lessons for EU candidates. European and transatlantic studies, Berlin: Springer.

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Abstract

The book proposes a monetary policy regime that is suitable for the European Periphery on the road to the euro. The first part examines the relation between the eleven founding members of the EMU and countries staying out of the EMU - paying particular attention to the European Periphery that includes Greece and all those CEE transition countries which have recently applied for EU membership. The second part of the book argues against ERM-II participation for those countries. It stresses the limits in efficiency of an ERM-II arrangement in a world of increased international capital movements, fiscal imbalances, and asymmetric real shocks. The third part offers a consistent and credible monetary framework for the achievement of price stability at the European Periphery: adoption of explicit and formal inflation targets together with political and economic independence of the central bank.

Item Type:	Book
Book Type:	Authored Book
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	D History General and Old World > DF Greece H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance H Social Sciences > HJ Public Finance J Political Science > JN Political institutions (Europe)
Publisher:	Springer
ISBN:	9783540669326
Last Modified:	20 Oct 2022 09:31
URI:	https://orca.cardiff.ac.uk/id/eprint/32343

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