Europe > France

You are looking at 1 - 8 of 8 items for :

  • Type: Journal Issue x
  • Development Planning and Policy: Trade Policy; Factor Movement; Foreign Exchange Policy x
Clear All Modify Search
International Monetary Fund
The Euro system maintains a high level of transparency in all aspects of operations, demonstrating a strong institutional commitment to openness and a high degree of observance of the code. Greater consistency in the disclosure practices of individual National Central Banks (NCBs) will ensure that the conduct of monetary policy, payment system oversight, and the development of financial markets proceed in a uniform basis. Executive Directors suggests that the European Central Bank (ECB) review its current practice of selective and informal public consultation on payment issues.
Mr. James M. Boughton

Abstract

This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.

International Monetary Fund
There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.
Mr. Lazaros E. Molho
Under free capital mobility, a high-inflation country pursuing a nonaccommodating exchange rate policy will have higher real interest rates than its lower-inflation trading partners as long as that policy is not credible. If the policy gains credibility prior to inflation convergence, the sign of the real interest rate differential may be reversed. Developments in interest rate differentials and capital and reserve flows suggest that Italy’s nonaccommodating exchange rate policy has become significantly more credible in 1989-90. As improved credibility further limits their monetary autonomy, the Italian authorities will have to rely more on fiscal and incomes policies to promote disinflation.
Mr. Jacob A. Frenkel and Mr. Morris Goldstein
This paper discusses key issues relating to the design and implementation of monetary policy in an emerging European economic and monetary union. Specific institutional proposals for transition to EMU are neither endorsed nor dismissed. In examining the goals of monetary policy, the paper explores the interrelationships among price stability, current account equilibrium, and exchange rate stability. Turning to the implementation of monetary policy, the issues addressed are: coordination versus autonomy, rules versus discretion, and the role of sterilized official intervention. Finally, the last part of the paper emphasizes the importance of fiscal discipline, and evaluates several alternative mechanisms for encouraging it.
Mr. Joseph Gold

Abstract

En esta publicación se presenta la séptima encuesta sobre la evolución de la legislación y la práctica monetaria internacional y nacional en relación con los derechos especiales de giro (DEG), las monedas y el oro. Desde la publicación del folleto No. 40 en 1983, el FMI ha adoptado tres decisiones publicadas sobre la supervisión de las políticas de tipo de cambio de los países miembros. La lista de monedas se mantuvo sin cambios debido a que la participación del país que ocupa el sexto lugar en las exportaciones de bienes y servicios en relación con el total mundial (Italia) fue inferior a la participación del país que ocupa el quinto lugar (Reino Unido).

Mr. Joseph Gold

Abstract

Cette brochure est le septième exposé consacré aux changements intervenus, sur le plan international et national, dans la législation et dans la pratique monétaire, concernant les droits de tirage spéciaux (DTS), les monnaies et l'or. Le FMI a adopté trois décisions publiées sur la surveillance des taux de change des pays membres depuis la publication de la brochure n° 40 en 1983. La liste des monnaies est demeurée inchangée du fait que l'Italie arrive au sixième rang des exportateurs de biens et de services avec une part du total mondial inférieure à celle du cinquième pays, le Royaume-Uni.

Mr. Joseph Gold

Abstract

This paper presents the seventh survey of developments in international and national monetary law and practice involving special drawing rights (SDRs), currencies, and gold. The IMF has adopted three published decisions on surveillance over the exchange rate policies of members since the publication of Pamphlet No. 40 in 1983. The list of currencies remained unchanged because the share of the sixth largest exporter of goods and services in the world total (Italy) was below the share of the member with the fifth largest share (United Kingdom).