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Title: Inflation Convergence During the Transition to EMU

Author(s): Paul De Grauwe

Publication Date: June 1992

Keyword(s): Inflation and Monetary Union

Programme Area(s): International Macroeconomics

Abstract: According to the Maastricht Treaty, EMS countries will be able to join EMU if their inflation rates are not more than 1.5% higher than the average of the three lowest inflation rates in the EMS. In this paper I analyse the likelihood of inflation rates converging to the levels set out in the Maastricht Treaty, and conclude that this is unlikely to be the case. I study whether the Maastricht convergence requirement for inflation rates is not needlessly tight.

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Bibliographic Reference

De Grauwe, P. 1992. 'Inflation Convergence During the Transition to EMU'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=658