The European Monetary System Ten Years On: Problems and Perspectives

Rainer S. Masera

Chapter 10 in Prospects for the European Monetary System, 1990, pp 197-221 from Palgrave Macmillan

Abstract: Abstract Operational experience with the EMS, coupled with theoretical analysis,1 have convinced me that a system of fixed exchange rates that can be adjusted discretely, and which therefore offers substantial opportunities for speculative profits, will be difficult to maintain in conditions of complete capital mobility, even with unlimited very-short-term reciprocal lines of credit in place. We are faced with a difficult road ahead, but the leitmotif of this chapter is ‘keep going and you won’t stop’.

Keywords: Exchange Rate; Monetary Policy; Central Bank; Public Debt; European Monetary System (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-11629-4_10

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