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An Analytical Introduction
Maastricht Games and Maastricht Contracts
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behaviour benefits from EMU benefits of EMU Bundesbank central bank independence CEPR Discussion Paper chapter commitment conflict convergence criteria convergence effort convergence incentives cooperative solution costly costs and benefits costs of convergence credibility problems deficit delegation effect Eichengreen EMU entry entry conditions entry into EMU entry probability equation Europe European Central Bank European Monetary Union European University Institute ex post exchange rate expectations fiscal Germany Grauwe Hagen hold-up problem inefficiencies inflation rate inside EMU institutional interpretation join EMU low inflation Maastricht criteria Maastricht game Maastricht transaction Maastricht Treaty monetary policy multi-speed EMU Nash equilibrium Optimum Currency Areas order condition parameters participation constraint payoff period policymakers pooling equilibrium preferences price stability Principal Proposition qualified majority vote renegotiation reputation game risk separating equilibrium shocks single currency sovereignty stability culture Stability Pact stage three strategy surprise inflation three of EMU transition to EMU uncertainty weak countries