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Overview Alfred Steinherr
On the architecture of EMU Hans Tietmeyer
Is Europe an optimum currency area? PeterBotinger
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achieved asymmetric basket budget Bundesbank call money rate capital cent central rates Community convergence criteria coordination costs credibility crisis decision deficit Delors depreciation devaluation divergence domestic economic and monetary economic policy effects Europe European Central Bank European Monetary expectations financial markets fixed exchange rates flexible fluctuation margins foreign exchange foreign exchange market France French franc funds Germany growth increase inflation rates inflationary institutions interest rate differential intervention Italy liquidity lira Maastricht criteria Maastricht Treaty member countries monetary authorities monetary integration monetary policy monetary union money market narrow margins necessary objective optimum currency areas parities participants payments period Pierre Werner political possible price stability real exchange rate real interest rates realignments result risk role sector September 1992 shocks short-term interest rates single currency speculative attacks stabilisation structure tion trade unemployment unification wage Werner yield curve