Moderate Monetarism: A Brief Survey of Dutch Monetary Policy in the Post-war Period 1

Abstract

The paper discusses developments in Dutch monetary policy over the past five decades. It does not aim at providing a precise historical description, but rather focuses on the main trends and developments. Discussing these trends now is not only interesting from a historical point of view, but also because the Netherlands is about to become part of the European Economic and Monetary Union (EMU). This will end Dutch sovereignty over monetary policy, and mark the beginning of a joint responsibility for European monetary policy aimed at a stable value of the Euro. Will this imply a radical change in the way monetary policy is being conducted? To answer this question, the paper, which has been written from the perspective of the Nederlandsche Bank, focuses on three main themes: developments in monetary philosophy and strategy, the modernisation of the set of monetary instruments, and the achievements of monetary policy during the post-war period. It concludes that participation in EMU fits in well with post-war developments in Dutch monetary policy, which will contribute to a smooth transition when the Euro is introduced on January 1, 1999.

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