The Working of the European Monetary System in the Period 1979–87

André Szász
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André Szász: Dutch Central Bank

Chapter 8 in The Road to European Monetary Union, 1999, pp 66-75 from Palgrave Macmillan

Abstract: Abstract After last minute delays due to domestic problems in France, the European Monetary System went into operation on 13 March 1979. Soon the sceptics’ misgivings seemed justified: at times the system appeared to hover on the verge of a breakup, at other times what was intended to be a zone of monetary stability in Europe seemed to develop into a crawling peg. Market turbulence and payments imbalances induced participants to continue their disputes concerning the ‘asymmetry’ in sharing the burden of adjustment that could not be solved during the making of the EMS. Yet in the end the system endured, though not undamaged.

Keywords: Exchange Rate; Monetary Policy; Central Bank; Price Stability; European Monetary (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59947-5_8

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DOI: 10.1057/9780230599475_8

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