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Journal of Economic Integration 2000 March;15(1) :47-75.
DOI: https://doi.org/10.11130/jei.2000.15.1.47
Miniblocs and Fringe Currencies of the EMU
Patrick Honohan 
World Bank and CEPR
Copyright ©2000 Journal of Economic Integration
ABSTRACT
Like all major currencies, the Euro will attract a fringe of hangers-on. For EMU participants, the most important will be those with which participants already have significant trading and other economic relationships. These relationships are not homogeneous across the EMU, but instead we can identify seven or more miniblocs, most of either are, or will be, split by the EMU. Stabilizing real exchange rate movements within these miniblocs could be of value in reducing the impact on EMU participants of asymmetric shocks. Possible institutional arrangements to give effect to such a goal are considered . (JEL Classifications: F33, F36) <
Keywords: Currency unions | European Monetary Union
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