01659cas a2200241 a 4500 AALejournalIMF007421 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451852233 1018-5941 BD-DhAAL BD-DhAAL Begg, David. The Design of EMU / David Begg. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (36 pages) IMF Working 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 Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implications for accountability, transparency, and reputation. Country-specific shocks will remain but output correlation may not reflect the old pattern of core and peripheral countries. The Stability Pact will force some countries to switch off their automatic stabilizers; others, with fewer fiscal problems, can retain them. Output correlations in EMU may reflect a fiscal core and fiscal periphery. Additional labor market flexibility remains the best solution. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1997/099 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/099/001.1997.issue-099-en.xml IMF e-Library