Miniblocs and Fringe Currencies of the EMU
Miniblocs and Fringe Currencies of the EMU
- 세종대학교 경제통합연구소
- Journal of Economic Integration
- 제15권 제1호
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2000.0347 - 75 (29 pages)
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Like all major currencies, the Euro will attract a fringe of hangers-on. For EMU participants, the most important will be those with which participants already have significant trading and other economic relationships. These relationships are not homogeneous across the EMU, but instead we can identify seven or more miniblocs, most of either are, or will be, split by the EMU. Stabilizing real exchange rate movements within these miniblocs could be of value in reducing the impact on EMU participants of asymmetric shocks. Possible institutional arrangements to give effect to such a goal are considered. (JEL Classifications: F33, F36)
Ⅰ. Introduction
Ⅱ. The Insular Minibloc
Ⅲ. Transmission of Shocks from Outsiders to Participants and the Potential for Welfare Gains
Ⅳ. Mapping Interdependency: the Mini-blocs Identified
Ⅴ. Policy Practicalities for Collaborative Exchange Rate Arrangements with the Fringe
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