Monetary policy implementation in EMU - a Bank of England perspective on the EMI’s proposals

Quarterly Bulletin 1997 Q1
Published on 01 March 1997

By David Rule

This article, by David Rule of the Bank’s Gilt-Edged and Money Markets Division, summarises and explains the European Monetary Institute’s (EMI) proposed operational framework for the European System of Central Banks (ESCB) to conduct a single monetary policy in Stage 3 of Economic and Monetary Union (EMU). The framework would apply in the United Kingdom from 1 January 1999 if the United Kingdom fulfilled the necessary conditions to adopt the euro and the UK Government and Parliament decided to move to Stage 3. The article sets out the areas where agreement has been reached between EU central banks and gives the Bank of England’s views on the issues that remain to be settled by the European Central Bank (ECB) after it becomes operational.

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