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Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany and her immediate neighbors appear the most likely to gain; however, our knowledge is too uncertain to say whether all, some, or no countries would reap net economic benefits. The second issue is how to avoid exchange rate instability in the transition to EMU. Experience from earlier exchange rate regimes suggests that an early announcement the parities at which different currencies would enter EMU could reduce such instability if governments were willing to accept the required limitations on domestic policies.

Foreign Exchange --- Money and Monetary Policy --- International Monetary Arrangements and Institutions --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Foreign exchange --- Monetary economics --- Exchange rates --- Currencies --- Exchange rate arrangements --- Exchange rate policy --- Conventional peg --- Money --- United States

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This paper reviews economic developments in Iceland during 1990–95. It describes developments in the real economy, and examines monetary and exchange rate developments and policies and the transmission of monetary policy. The paper provides a detailed look at budgetary outcomes and the stance of fiscal policy for 1995. Determinants of past and present growth in Iceland are examined. Indicators of fiscal sustainability are used to argue for better public finances in Iceland. The paper also examines the Icelandic tax structure.

Banks and Banking --- Budgeting --- Foreign Exchange --- Investments: Bonds --- Agribusiness --- National Budget --- Budget Systems --- General Financial Markets: General (includes Measurement and Data) --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Agricultural Markets and Marketing --- Cooperatives --- Currency --- Foreign exchange --- Budgeting & financial management --- Investment & securities --- Banking --- Agriculture, agribusiness & food production industries --- Budget planning and preparation --- Exchange rates --- Sovereign bonds --- Exchange rate policy --- Financial institutions --- Public financial management (PFM) --- Agroindustries --- Economic sectors --- Budget --- Bonds --- Banks and banking --- Agricultural industries --- Iceland