Munich Personal RePEc Archive

Euro Weakness in the Late Nineties

Rossi, Giovanni (2004): Euro Weakness in the Late Nineties. Published in: European Political Economy Review , Vol. 3, No. Summer (1 July 2004): pp. 132-138.

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The depreciation of the euro vis-à-vis the dollar over its first two years is a fact of life. By contrast the present paper offers some econometric evidence with daily data that, within a sticky price framework, monetary fundamentals may have played a role in this depreciation. A fast monetary expansion with continental European interest rate convergence in 1998 and an accommodative ECB monetary stance in 1999 would thus bear some responsibility in the weakening of the euro.

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