The contribution of the ECU to exchange rate stability. A reply
DOI:
https://doi.org/10.13133/2037-3643/10836Keywords:
ECU, exchange-rate stabilityAbstract
A brief reply to Sarcinelli’s criticism of the authors’ article The private ECU’s potential impact on Global and European exchange-rate stability (1988). The authors rebut the criticisms and seek to clarify their reasoning. They maintain their core hypothesis that the growth of the ECU does not necessarily enhance the stability of exchange rates but may lead to instability too.
JEL: F33, F36
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