01693cas a2200241 a 4500 AALejournalIMF002001 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451850932 1018-5941 BD-DhAAL BD-DhAAL Galy, Michel. Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism / Michel Galy. Washington, D.C. : International Monetary Fund, 1992. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper investigates the issue of monetary interdependence among members of the European Monetary System over the period 1979-91 and the leadership role attributed to the German central bank in the process of monetary integration, and looks for possible changes in central banks' behaviors. Econometric evidence supports somewhat the German leadership role but suggests also the development of an increased interdependence between French and German monetary policies after 1981-82; meanwhile, the Italian and more recently the Spanish central banks appear to have preserved a more significant measure of monetary autonomy. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1992/087 Full text available on IMF http://elibrary.imf.org/view/journals/001/1992/087/001.1992.issue-087-en.xml IMF e-Library