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International finance --- International Monetary Fund --- Capital movements --- Monetary policy --- Finance --- Developing countries --- Foreign economic relations --- -Finance --- -Monetary policy --- -Developing Countries --- AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- 382.253 --- 382.20 --- 333.432.8 --- 333.420.1 --- -International finance --- -Developing countries --- -332.042 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Funding --- Funds --- Economics --- Currency question --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International monetary system --- International money --- International economic relations --- Foreign economic relations. --- Deviezencontrole (ivm betaligsbalans). --- Internationale betalingen en betalingsbalans: algemeenheden. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Koopkracht van geld. Monetaire (on)stabiliteit. --- 332.042 --- Koopkracht van geld. Monetaire (on)stabiliteit --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Internationale betalingen en betalingsbalans: algemeenheden --- Deviezencontrole (ivm betaligsbalans) --- Capital movements - Developing countries --- Monetary policy - Developing countries --- Finance - Developing countries --- Developing countries - Foreign economic relations

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Money. Monetary policy --- European Union

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This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability to communicate to the public will be a critical factor for the success of the new institution. We also ask how a single monetary policy -- a common change in the interest rate controlled by the ECB -- is transmitted to the economy of the member countries. We show that the monetary process differs significantly inside EMU: initially disinflation episode could thus fall very unequally on a few member countries because they have a combination of financial structure that spreads a monetary contraction widely structure that is relatively inflexible. This process, moreover, is sure to evolve of the financial industry restructuring that is already underway and will be accentuated by the common money. Furthermore, as the Lucas principle suggests, the wage-price process itself will adapt to the changing focus of European monetary policy.