Institutional Shift Toward Monetary Integration

Stephen Frank Overturf

Chapter Four in Money and European Union, 1997, pp 59-71 from Palgrave Macmillan

Abstract: Abstract Two events in 1987 dramatically altered the milieu in which the EMS had hitherto operated. Together these two events spelled an inherent inability of the system to continue to operate as it had in the past, and perhaps forced it to move onto a higher level of monetary union. These events were coincidental, and they represented broader institutional change rather than more evolutionary developments to the system. What is more important is that they both had strong implications for the way the system had functioned to that point. Although not generally linked together in the literature (probably because they resulted from different institutional incentives and came from different venues of EC decision making), when combined they implied radical changes in the nature of the EMS.

Keywords: Interest Rate; Monetary Policy; Regime Shift; Capital Flow; Monetary Union (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-62370-9_4

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DOI: 10.1007/978-1-349-62370-9_4

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