The New European Monetary System

Horst Tomann

Chapter Lecture 8 in Monetary Integration in Europe, 2007, pp 135-149 from Palgrave Macmillan

Abstract: Abstract When the European Economic and Monetary Union was founded, the established European Monetary System (EMS) was not completely abandoned. Still, demand for stable monetary relations between the member states of the monetary union and other EU members who had not joined the EMU required an institutional setting. The European Council decided to provide a mechanism of exchange rate interventions to respond to this demand. In a resolution of 1997, the rules of the EMS were adapted to the changed task and the system continued to exist as Exchange Rate Mechanism II (ERM II) with a changed structure and a changed scope.

Keywords: Exchange Rate; Monetary Policy; Central Bank; Euro Area; Real Exchange Rate (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-0-230-28862-1_8

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DOI: 10.1057/9780230288621_8

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