The EMS and the Completion of the Internal Market

Pippo Ranci

Chapter 6 in Prospects for the European Monetary System, 1990, pp 123-134 from Palgrave Macmillan

Abstract: Abstract Both the EMS and the Single European Internal Market (IM) rely on a strategy of ‘dynamic disequilibria’ in order to overcome the difficulty of achieving strong political agreement on the institutional issue (Micossi, 1988). This is not a novelty, since the whole Common Market experience since the 1950s can be seen as a grand experiment in unleashing economic processes that will produce enough welfare gains and enough economic benefit for the politically influential interest groups, so that in due time there will be the necessary consensus for the construction of the political institutions, which in turn are necessary to maintain the mentioned benefits.

Keywords: Exchange Rate; Current Account; Capital Flow; Monetary Union; European Monetary Union (search for similar items in EconPapers)
Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11629-4_6

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DOI: 10.1007/978-1-349-11629-4_6

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