Abstract
After a seven-year transition period, Economic and Monetary Union (EMU) was finally launched on 1 January 1999. Exchange rates were irrevocably fixed and the European System of Central Banks (ESCB) began to conduct the single monetary policy for the 11 EU countries participating in the Eurozone. The primary objective of the policy is clearly established in the Maastricht Treaty and has since been restated on numerous occasions: price stability. The ECB, or rather the Eurosystem, has announced its interpretation of price stability (maintaining inflation below 2 per cent) and its strategy for achieving this goal. The instruments and procedures through which the Eurosystem conducts its operations are working smoothly.
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© 2000 Lorenzo Bini Smaghi and Daniel Gros
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Smaghi, L.B., Gros, D. (2000). Introduction. In: Open Issues in European Central Banking. Palgrave Macmillan, London. https://doi.org/10.1057/9780333981887_1
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DOI: https://doi.org/10.1057/9780333981887_1
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-41813-8
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