Is the European Monetary System a DM-Zone?

Paul Grauwe

Chapter 14 in Evolution of the International and Regional Monetary Systems, 1991, pp 207-227 from Palgrave Macmillan

Abstract: Abstract It has been claimed by many observers that the EMS works in an asymmetric way. In this asymmetric interpretation of the workings of the EMS, Germany is seen as the central country which determines its monetary policy more or less independently from what happens in the rest of the EMS. The other countries peg their currencies to the Deutschmark and, in so doing, subordinate their monetary policies to German policies. This interpretation of the EMS has led to the widespread view that the system is de facto a Deutschmark zone. It is no exaggeration to state that this interpretation of the workings of the EMS has become the conventional wisdom.2

Keywords: Interest Rate; Monetary Policy; Money Market; Capital Control; European Monetary System (search for similar items in EconPapers)
Date: 1991
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DOI: 10.1007/978-1-349-11061-2_14

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