Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union

23 Pages Posted: 15 Feb 2006

See all articles by Charles Enoch

Charles Enoch

International Monetary Fund (IMF)

Paul Hilbers

International Monetary Fund (IMF)

Arto Kovanen

International Monetary Fund (IMF) - African Department

Date Written: December 1997

Abstract

The European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This paper briefly summarizes the arrangements and identifies some areas in which important decisions still have to be made or refinements introducedincluding the choice of counterparties in fine-tuning open market operations; the design of reserve requirements; the signaling function of monetary operations; and payment system relationships with non-EMU participants in the EU.

Keywords: Monetary Operations, EMU

JEL Classification: E52, E58

Suggested Citation

Enoch, Charles and Hilbers, Paul and Kovanen, Arto, Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union (December 1997). IMF Working Paper No. 97/178, Available at SSRN: https://ssrn.com/abstract=883929

Charles Enoch (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Paul Hilbers

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Arto Kovanen

International Monetary Fund (IMF) - African Department ( email )

1700 19th Street, NW
Washington, DC 20431
United States

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