Chapter

The ECU's Coming of Age

Tommaso Padoa‐Schioppa

in The Road to Monetary Union in Europe

Published in print December 2000 | ISBN: 9780199241767
Published online November 2003 | e-ISBN: 9780191596742 | DOI: http://dx.doi.org/10.1093/0199241767.003.0005
The ECU's Coming of Age

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The main qualitative aspects of the past, present, and future development of the European Currency Unit (ECU) are discussed. Aspects covered are: the formal establishment phase of the ECU clearing system; the overcoming of the basket phase; the rate of return on the ECU; the ECU exchange rate; the policy instruments; a reassessment of the lender‐of‐last‐resort problem; and the need for a link between the private and the official ECUs.

Keywords: basket of currencies; clearing house; clearing system; economic development; economic policy; ECU; European Currency Unit; exchange rate; lender of last resort

Chapter.  6048 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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