Miniblocs and Fringe Currencies of the EMU

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Abstract
Like all major currencies, the euro will attract a fringe of hangers-on. Though this need not influence overall policy with regard to the value of the euro, important policy questions arise. Can EMU members gain from cooperative arrangements for influencing or supporting fringe currencies? If so, what kinds of arrangement can be envisaged? This paper offers a preliminary examination of these issues. It identifies potential scope for mutual gains from cooperative arrangements and discusses particular countries which might be candidates. The design of such arrangements is also considered, especially including alternatives to the ERM-type of arrangement.
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