The EMS: Lessons from Europe and Perspectives in Europe

Francesco Giavazzi

Chapter 3 in Prospects for the European Monetary System, 1990, pp 36-55 from Palgrave Macmillan

Abstract: Abstract When the EMS was launched in 1978, the new plan for exchange rate stability in Europe was accepted with much scepticism. Policy-makers were still influenced by the collapse of Bretton Woods, and concentrated on learning how to live with flexible exchange rates. Because economists were also attempting to understand the working of flexible exchange rates, there was no analysis of the EMS until the mid-1980s. Now the situation is quite different. The conventional wisdom is that the EMS has been a success, and the debate in Europe has moved on to the issue of monetary unification and the European central bank. Outside Europe, the reform of the international monetary system is no longer an unfashionable topic: ‘target zones’, and the simple return to fixed exchange rates, have taken centre stage in policy discussions and, to some extent, in economic analysis.1

Keywords: Exchange Rate; Monetary Policy; Real Exchange Rate; European Central Bank; Exchange Rate Regime (search for similar items in EconPapers)
Date: 1990
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:pal:palchp:978-1-349-11629-4_3

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349116294

DOI: 10.1007/978-1-349-11629-4_3

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().