Asymmetric Fluctuation Bands in ERM and ERM-II: Lessons from the Past and Future Challenges for EU Acceding Countries

@inproceedings{gert2003AsymmetricFB,
  title={Asymmetric Fluctuation Bands in ERM and ERM-II: Lessons from the Past and Future Challenges for EU Acceding Countries},
  author={B{\'a}lazs {\'E}gert and Rafaƚ Kierzenkowski},
  year={2003}
}
The forthcoming EU enlargement raises a series of questions related to the new entrants' entry to Exchange Rate Mechanism II and their subsequent adoption of the single currency. In this paper, the issue of how to determine the central parity for the acceding countries with which to enter ERM-II is tackled. This is followed by a discussion of the asymmetric nature of the fluctuation bands around the central parity that could be deemed as compatible with the Maastricht criterion on exchange rate… CONTINUE READING

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