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Overview Alfred Steinherr
The exchange rate changes of 1992 and inflation convergence
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achieved adjustment asymmetric bond market budget Bundesbank call money rate central rates Community convergence criteria coordination costs credibility crisis decision deficit depreciation Deutsche Bundesbank devaluation domestic economic and monetary economic policy effects Europe European Central Bank European Monetary expectations financial markets fixed exchange rates fluctuation margins foreign exchange foreign exchange market France French franc fundamental Germany growth increase inflation rates inflationary institutional interest rate differential intervention Italy liquidity lira long-term rates Maastricht Treaty member countries monetary authorities monetary policy monetary union money market narrow margins necessary nominal optimum currency areas parities participants period Pierre Werner political possible price stability real exchange rate real interest rates realignments role sector September 1992 shocks short-term interest rates short-term rates single currency speculative attacks stabilisation stage structure trade unemployment unification wage Werner yield curve