The EMS and other International Monetary Regimes Compared

Marcello Cecco

Chapter 2 in Prospects for the European Monetary System, 1990, pp 25-35 from Palgrave Macmillan

Abstract: Abstract The EMS is ten years old. Since its inception it has been subjected to intense scrutiny, which was at first aimed at discovering how it would influence national and international economic affairs, and whether the influence it would exercise would be good, bad or negligible. Most German academic and banking observers saw it as likely to wreak havoc in Europe and in the world. Some of them, like Roland Vaubel, attained heights of Wagnerian lyricism in describing the ways in which the EMS would corrupt German monetary virtue. Others, in other countries, were more dismissive. They thought the EMS would soon fail, not being able to stand the test of diverging monetary policies in its member countries.

Keywords: Exchange Rate; Monetary Policy; Central Bank; Monetary Authority; Current Account Surplus (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-11629-4_2

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