01726cas a2200241 a 4500 AALejournalIMF000387 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451972030 1934-7456 BD-DhAAL BD-DhAAL Ramaswamy, Ramana. Monetary Frameworks : Is There a Preferred Option for the European Central Bank? / Ramana Ramaswamy. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (22 pages) IMF Policy Discussion Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses how the size of the monetary union in Europe can influence the choice of the monetary framework. The main conjecture is that the European Central Bank ought to target inflation if monetary union is confined to a 'core' group of countries. However, the decision on whether to target inflation or monetary aggregates is not an unambiguous one if monetary union is EU-wide; the choice of the framework will depend on the type of shocks that are likely to prevail. The arguments motivating these conjectures essentially concern the trade-offs between the viability and credibility of different monetary frameworks. Mode of access: Internet IMF Policy Discussion Papers; Policy Discussion Paper ; No. 1997/006 Full text available on IMF http://elibrary.imf.org/view/journals/003/1997/006/003.1997.issue-006-en.xml IMF e-Library