Managing an Economy Under EMU: The Case of Ireland. ESRI WP127. May 2000

Fitz Gerald, John and Duffy, David and Smyth, Diarmaid (2000) Managing an Economy Under EMU: The Case of Ireland. ESRI WP127. May 2000. [Working Paper]

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Abstract

Over the past 15 months the economy of the euro zone and its individual member economies have had the first experience of operating in a completely new environment. This is very much a learning process as the regime change that EMU involves renders obsolete some of the key economic relationships that would normally help Central Bankers and governments tune their instruments of economic management. It will be some time before we fully understand the factors driving the demand for money within the new Union and the process whereby the euro zone rate of inflation is determined is undergoing substantial change. All this makes it difficult for policy makers in the ECB and in individual member states to do their job.

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