The preparation for European Monetary Union and the significant
drop in inflation characterize the 1990s for European monetary
policymakers. In the near future, the European Central Bank will be
given the responsibility to fight inflation in the Euro area. This
timely book analyses technical, empirical and international
monetary policy considerations relevant to the European Central
Bank in choosing an appropriate monetary strategy for achieving
price stability. The dynamics of inflation and the choice of a
monetary strategy are the binding ingredients of this book. To
identify the most effective policy for the European Central Bank,
the author uses the experiences of a number of industrialized
countries, namely, Germany, the Netherlands, Belgium and France,
the United States, Canada and New Zealand. It is concluded that
monetary targeting would be most effective in fighting inflation.
The author also examines in detail the success of economic
convergence in Europe and the qualification for participation in
the Economic and Monetary Union. He concludes that there has been a
remarkable convergence in inflation profiles over the last few
decades but hardly any real convergence in the other major economic
fields. This volume takes a fresh and original approach in
investigating whether monetary or direct inflation targeting is
appropriate for the European Central Bank. It will be of great
relevance to monetary policy makers both in Europe and the rest of
the world. It will also be of interest to academics and students of
monetary economics and econometrics.
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