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The book proposes a monetary policy regime that is suitable for the
European Periphery on the road to the euro. The first part examines
the relation between the eleven founding members of the EMU and
countries staying out of the EMU - paying particular attention to
the European Periphery that includes Greece and all those CEE
transition countries which have recently applied for EU membership.
The second part of the book argues against ERM-II participation for
those countries. It stresses the limits in efficiency of an ERM-II
arrangement in a world of increased international capital
movements, fiscal imbalances, and asymmetric real shocks. The third
part offers a consistent and credible monetary framework for the
achievement of price stability at the European Periphery: adoption
of explicit and formal inflation targets together with political
and economic independence of the central bank.
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