Aspecte privind managementul politicii monetare in Spatiul UE
ASPECTS CONCERNING THE MANAGEMENT OF THE MONETARY POLICY IN THE EUROPEAN UNION SPACE

Summary/Abstract: The cooperative management of exchange rates through monetary policies has been the major focus of attempts at coordination and of much of the analytical literature since the collapse of the Bretton-Woods system of fixed exchange rates. Exchange rate management is no longer seen as anathema, as the experience with the floating rates in the 1970s and the first part of the 1980s is not viewed as particularly successful (empirical evidence suggests, for example, that inflation persistence is greater in flexible exchange rate regimes). In addition, since the exchange rate is a variable shared by at least two countries, it is a natural focus for coordination. Coordinated exchange rate management had a high point in the late 1970s; thus, in November 1978 the Group of Three industrial countries intervened heavily to halt the depreciation of the dollar, while in 1979 and early 1980 the United States intervened to halt the dollar’s appreciation, by selling dollars and acquiring substantial exchange rate reserves. Since then, the resolve of the Group of Three Industrial countries to stabilize exchange rates has been diluted. The consequences of events in Eastern Europe brought some of the worst failures in the coordination of monetary and exchange rate policies of recent years

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