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

By Paul Louis Ceriel Hilbers, Arto Kovanen, Charles Enoch

December 1, 1997

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Paul Louis Ceriel Hilbers, Arto Kovanen, and Charles Enoch. Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union, (USA: International Monetary Fund, 1997) accessed December 22, 2024

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.

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

Keywords: Asset, Credit, Credit operation, ECB approval, ECB operating procedures, ECB payment mechanism, ECB state, ECB statute, EMU, ESCB monetary policy operations, Europe, Financial institution, Interest rate, Market interest rates, Monetary Operations, Monetary policy, NCBs, Open market operations, Reserve requirements, Standing facilities, WP

Publication Details

Pages:

23
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/178
Stock No:

WPIEA1781997
ISBN:

9781451858914
ISSN:

1018-5941

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