The European Monetary System: an Unexpected Success?

George Zis

Chapter 3 in From EMS to EMU: 1979 to 1999 and Beyond, 1999, pp 43-65 from Palgrave Macmillan

Abstract: Abstract An assessment of the actual relative to the expected performance of the European Monetary System (EMS) could be a useful input in the current debate on the desirability and viability of the recently created European Monetary Union (EMU). The contrast between the experience and the predictions articulated at the time of the establishment of the system in 1979 is pertinent for an evaluation not only of the case against EMU but also of the arguments in favour of the replacement of the European Union (EU) member countries’ currencies by the euro. Just as firm supporters of EMU were among the most severe critics of the EMS back in 1979, today the introduction of the euro is welcomed by firm opponents of political union.

Keywords: Exchange Rate; European Union; Member Country; Monetary Union; European Monetary Union (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27745-2_4

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DOI: 10.1007/978-1-349-27745-2_4

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