The European monetary system: Crisis and future

Dominick Salvatore

Open Economies Review, 1996, vol. 7, issue 1, 623 pages

Abstract: This paper examines the immediate and the fundamental causes of the crsis that hit the European Monetary System in September 1992 and August 1993 and the obstacles that European countries face in trying to achieve their ultimate goal of full monetary union, including a single currency and a union-wide central bank by the end of this decade. The conclusion that follows from the paper is that achieving full monetary union in Europe by the end of this decade is certainly possible but not certain. A major recession or other shock affecting asymmetrically more than one large member nation could derail or at least delay the process of monetary union. Although major benefits are expected to flow from monetary union in Europe, even more important are the political benefits that such a union would provide to its members. Copyright Kluwer Academic Publishers 1996

Keywords: European Monetary System (EMS); European Currency Unit (ECU); Exchange rate mechanisms (ERM); Maastricht Treaty; optimum currency area; euro; European Monetary Union (EMU) (search for similar items in EconPapers)
Date: 1996
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
http://hdl.handle.net/10.1007/BF01886216 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:openec:v:7:y:1996:i:1:p:601-623

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/11079/PS2

DOI: 10.1007/BF01886216

Access Statistics for this article

Open Economies Review is currently edited by G.S. Tavlas

More articles in Open Economies Review from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().