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

Author/Editor:

Paul Louis Ceriel Hilbers ; Arto Kovanen ; Charles Enoch

Publication Date:

December 1, 1997

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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 introduced—including 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.

Series:

Working Paper No. 1997/178

Subject:

Banking Central banks Credit Financial services Market interest rates Monetary policy Money Open market operations Reserve requirements Standing facilities

English

Publication Date:

December 1, 1997

ISBN/ISSN:

9781451858914/1018-5941

Stock No:

WPIEA1781997

Pages:

23

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