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Mr. Dominique Desruelle, Mr. Robert A Feldman, Mr. Klaus-Stefan Enders, Mr. Karim A. Nashashibi, Mr. Peter Allum, Heliodoro Temprano-Arroyo, Mr. Roger Nord, and Mr. Robert Brandon Kahn


In the Summer of 1998, the Executive Board discussed a set of three papers prepared by the staff that focused on the likey impact of EMU on selected non-EU countries. In recognition of the contribution these papers could make to the literature and discussion of EMU, the Board requested that this collection of papers be published. This Occasional Paper presents the three papers in one volume Chapter 1 provides an analysis of the likely impact of EMU on three regions: Central and Eastern Europe, the Mediterranean Basin, and the African CFA zone. Chapter 2 focuses on the trade and financial effects of EMU on selected transition and Mediterranean countries. And Chapter 3 considers the possible implications of EMU for the Middle East and North Africa region.

Mr. Adam Bennett, Mr. Louis Dicks-Mireaux, Mr. Miguel A Savastano, Ms. María Vicenta Carkovic S., Mr. Mauro Mecagni, Ms. Susan M Schadler, and Mr. James A John


This paper is part II of a two-volume study conducted as a part of the IMF's ongoing process of evaluating its lending facilities. It focuses on IMF-supported programs and macroeconomic performance during 1988-92, reflecting information available through the end of 1993. Part I (Occasional Paper No. 128) provides an overview of the principal issues and findings and distills the main message for future programs. Part II presents detailed examinations of selected policy issues in five background papers.

Mr. Eduardo Borensztein, Mr. Peter Wickham, Mr. Mohsin S. Khan, and Ms. Carmen Reinhart


This paper analyzes global commodity trends and concludes that the marked decline in real commodity prices of the past decade should be regarded as largely permanent and irreversible. The authors contend that the analysis of commodity prices should be extended to include the role of the breakdown of major international commodity agreements. In addition, the authors analyze how developments in the former Soviet Union have affected commodity supply conditions.

Mr. Gerwin Bell, M. Zühtü Yücelik, Mr. Paul J Duran, Mr. Saleh M. Nsouli, and Ms. Sena Eken


This paper charts Tunisia's transformation from an inward-looking, heavily regulated economy into a predominantly market- and export-oriented one. The paper highlights some of the major challenges facing the country and draws lessons from Tunisia's experience that can be useful for other countries.