By Jorge Braga De Macedo, Daniel Cohen, Helmut Reisen, Organisation for Economic Co-Operation and Development
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Extra info for Don't Fix, Don't Float: The Exchange Rate in Emerging Markets, Transition Economies, and Developing Countries (Development Centre Studies)
40 Peer Pressure and Yardstick Competition While looking at the EU as a more ambitious attempt to promote rules of good conduct among its members helps draw lessons for other countries and regions, it must be stressed that the Bretton Woods institutions and the World Trade Organisation (WTO) also played a role in spreading the results of alternative policy paths among their member states. In this way, they reinforced the notion that some paths worked better than others beyond the confines of the mature democracies gathered in the OECD.
The importance of the choice of the numeraire was also noted, and indeed reference was made to euroisation and to basket pegs. This might suggest that the creation of a European single currency was equivalent to a hard peg. While the euro certainly reflects the “don’t fix, don’t float” conundrum, we believe it must be interpreted as the outcome of a process of convergence among EU members sharing a common MSF. In this regard, the euro is rather a case of “float in order to fix” and more portable outside the euro zone than generally thought.
The lack of political stability was undermining the confidence in the currency. As it turns out, after this realignment, Italy joined the ERM in late 1996 and Greece followed in early 1998, consolidating their own regime changes. At one time or another, therefore, all of the EU member states followed the ERM code of conduct. Austria joined with accession in 1995 and Finland in October 1996. Sweden shadowed the ERM before the 1991 banking crisis. The single market for financial services, established in 1993, also built on the operation of the ERM code of conduct.
Don't Fix, Don't Float: The Exchange Rate in Emerging Markets, Transition Economies, and Developing Countries (Development Centre Studies) by Jorge Braga De Macedo, Daniel Cohen, Helmut Reisen, Organisation for Economic Co-Operation and Development