01786cas a2200253 a 4500 AALejournalIMF009058 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451864144 1018-5941 BD-DhAAL BD-DhAAL Bulir, Ales. The Maastricht Inflation Criterion : How Unpleasant Is Purgatory? / Ales Bulir, Jaromir Hurnik. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (43 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 The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments. Mode of access: Internet Hurnik, Jaromir. IMF Working Papers; Working Paper ; No. 2006/154 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/154/001.2006.issue-154-en.xml IMF e-Library