PDF-BIS Working Papers are written by members of the Monetary and Economic

Copies of publications are available from Bank for International Settlements Communications CH4002 Basel Switzerland Email publicationsbisorg Fax 41 61 280 9100 and 41 61 280 8100 This. At the same time history also teaches that the stability of consumer prices might not be sufficient to ensure macroeconomic stability Past experience is replete with examples of major economic and financial crises that were not preceded by inflation BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. T NBER Working Paper I#3949January 1992SHOCKING ASPECTS OF MONETARY UNIFICATIONABStRACtData on output and prices for 11 EC member nations areanalyzed to extract information on underlying aggregate suppl BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. T BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. T Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: publications@bis.org Fax: +41 61 280 9100 and +41 61 280 81 BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. T No 107 BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the EMU involves …. Policy harmonisation . to remove obstacles to factor . mobility . A more . marked and wider range of common policies, especially in relation to macroeconomic . policy. Irrevocably fixed . Brookings Papers on Economic Activity, Five years later, the proponents of this approach see it as a clear success. ful adjustment. Witness the recent back-and-forth between Latvia’s prime minist WIPO ECONOMIC RESEARCH WORKING PAPERS Working Paper No. 4

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 \n\r The Federal Reserve. Susan Kizer. Economic Education Coordinator. The opinions expressed are solely those of the presenters and do not reflect the opinions of the Federal Reserve System. . . Monetary Policy. EMU involves …. Policy harmonisation . to remove obstacles to factor . mobility . A more . marked and wider range of common policies, especially in relation to macroeconomic . policy. Irrevocably fixed . Carlos. da Silva Costa. • . Governor. . Outline. Monetary Union and Economic Growth. Reforms at national level. Reform at the European Level. Conclusions. I. Monetary Union and Economic Growth .