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When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its early failure. Today, EMS is alive and well, continuing to defy conventional economic wisdom. The authors address three major questions about the European Monetary System (EMS): how it came into being, how it works and how it may evolve into a fully-fledged monetary union.
This text provides an unrivalled account of the history, theory and practice of monetary integration in Europe.
The impact of a unified European currency on the international monetary system and Britain's entry into the European Community.
Analyses the origins of the European Monetary System (EMS) which came into existence in March 1979.
This book looks at the role of the Association for Monetary Union in Europe's role in the construction of the Euro. It argues that the AMUE played a prominent role in the adoption of a number of proposals related to the single currency and had a guiding influence on the transition from a market-let to an institution-centred approach to monetary uni
Pascal Salin Many of the texts which have been used for the present book were presented as papers at a conference organized in Brussels by Michiel van Notten for the 1 Institutum Europaeum in December 1980on the subject of European Monetary Union and Currency Competition. However, this book is more than the mere proceedings of a conference. It aims at presenting the reader with an homogenous text, not a patchwork of papers, in spite of the large number of contributors. Though it would be absurd to pretend that these contributors -some of whom are prominent thinkers - agree on everything, their dissenting opinions do not go beyond the usual qualifications one may find in a book of which the f...
Drastic changes in the way money is used create enormous direct and indirect changes in the societies affected. Martin Marcussen has studied the European Economic and Monetary Union (EMU) in the light of the ideational developments that Maurice Allais and John Maynard Keynes experienced in their lifetimes. The author asks why it is that by the end of the 1980s, there seemed to be complete consensus about such politically contentious issues as central bank independence, low inflation, stable currencies and low public deficits. He analyses why the main EMU negotiators did not disagree about these crucial and highly central issues in macro-economic policy making and consequently decided to institutionalise these ideas in the formal organisations, rules and procedures of the EMU. He further examines why EU member states, once the treaty on EMU was formally ratified, were ready to undertake reforms to their domestic structures which earlier were considered illegitimate just a few years ago.
Recoge: 1. International motives for the EEC iniative - 2. The EBB and flow of european monetary integration - 3. The EMS and the conditions for its proper operation - 4. Five years with EMS - 5. The furure of EMS.