出版社：Netherlands Bureau for Economic Policy Analysis
摘要：Well before the introduction of the euro, Lans Bovenberg and Andr¨¦ de
Jong discussed the ins and outs of European Monetary Union (CPB
Report 1996/3). It is worthwhile to reread their assessment of costs and
benefits of the single currency. They attach considerable importance to
the elimination of exchange rate fluctuations. Indeed, with the pre-EMU
track record of intra-European exchange rates in mind, it is not difficult
to see that they would have added strongly to macroeconomic instability
at the time of the 1998-99 Asia crisis. And if the ERM exchange rate
bands would have survived that crisis, the prolonged fall and subsequent
rise of the dollar by about 30% would have caused major tensions in the
system. The exclusion of such tensions has reduced risks, supported the
internal market and promoted macroeconomic stability.
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