European Economic Perspectives
Special Issue
July 1996

IN THIS ISSUE...

The Ins and Outs of EMU
What should the relationship be between the INS and OUTS of EMU members

Out in the Cold
Luigi Spaventa makes the case for a conditionality rule to reconcile the pursuit of price stability with outsiders' ability to join EMU

Peaceful Coexistence
Niels Thygesen recommends a currency board arrangement to facilitate the rapid full entry of outsiders into monetary union

Heir Conditioning
Charles Wyplosz applies a contractual and conditional approach to European Central Bank interventions in the cause of protecting an EMS 2

Target Practice
Torsten Persson and Guido Tabellini argue for a system of mandatory inflation targets to ensure both exchange rate and price stability