Financial Sector Reform and Monetary Policy in the Netherlands

29 Pages Posted: 15 Feb 2006

See all articles by Paul Hilbers

Paul Hilbers

International Monetary Fund (IMF)

Date Written: February 1998


Financial sector liberalization, both domestic and in cross-border transactions, was a major force behind the gradual move to indirect controls and the shift toward full reliance on exchange rate targeting in the Netherlands. This paper analyzes the different steps in this process, discusses the main arguments behind the gradual approach, and draws lessons for other countries involved in this process. The paper argues that reforms in the financial sector, liberalization of the capital account, adjustments in supervision and regulation, and modernization of monetary management are strongly interrelated and should be part of a comprehensive reform strategy.

Keywords: Financial Sector, Monetary Policy, Netherlands

JEL Classification: E42, E52, E58, G21

Suggested Citation

Hilbers, Paul, Financial Sector Reform and Monetary Policy in the Netherlands (February 1998). IMF Working Paper No. 98/19, Available at SSRN:

Paul Hilbers (Contact Author)

International Monetary Fund (IMF) ( email )

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Washington, DC 20431
United States

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