EUROPEAN ECONOMY. Supplement A Economic trends No 8/9 - August/September 1998

Directorate-General For Economic And Financial Affairs

Description

ISSN 0379-2056 EUROPEAN ECONOMY EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS In this number : Supplement A The ECU Markets Economic trends No 8/9 - August/Septemberl998 THE ECU MARKETS Summary This report is made up of two sections. The first is a commentary on developments during 1997 and the first 10 months of 1998 in the various ECU markets. The second section provides a comprehensive analysis of the ECU markets evolution over a longer timeframe. It is clear from developments in 1997 and 1998 that expectations in the ECU markets have converged significantly. The doubts vanished over whether EMU wouldhappen on time or that only a small core group of countries would join the euro. The success of the economic convergence process, the very high degree of political consensus, and a detailed le gal framework have all played a part in building confidence. A key ingredient in this was undoubtedly the publication of the detailed texts to provide full legal certainty for the new currency. But the unqualified commitment of the Member States, the Commission, the European Parliament and the ECB to the project was also essential. Market confidence was further underpinned by the publication of two detailed Communiqués on the precise method for fixing of the conversion rates. In general, activity in the ECU markets was low during 1996 but showed distinct signs of renewed energy in 1997.

Informations

• Publié par: DIRECTORATE-GENERAL-FOR-ECONOMIC-AND-FINANCIAL-AFFAIRS
• Nombre de lectures: 15
• Langue: English
• Poids de l'ouvrage: 2 Mo

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