EUropean Monetary System : Developments and Perspectives, Occ. Paper No. 73.
This paper discusses various developments and perspectives of the European Monetary System (EMS). There have been three phases in the development of the EMS: from its beginning in March 1979 to March 1983, can be seen as a phase of trial and orientation; from March 1983 to 1987, can be described as...
| Corporate Author: | |
|---|---|
| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1990.
|
| Series: | Occasional Papers; Occasional Paper ;
No. 1990/007 |
| Online Access: | Full text available on IMF |
| Summary: | This paper discusses various developments and perspectives of the European Monetary System (EMS). There have been three phases in the development of the EMS: from its beginning in March 1979 to March 1983, can be seen as a phase of trial and orientation; from March 1983 to 1987, can be described as one of consolidation; and The Basle/Nyborg agreement marked the end of the consolidation phase, characterized by the striving for stability, the emergence of the deutsche mark as the anchor currency, and the predominance of intramarginal intervention in partner currencies. EMS has allowed simultaneous progress toward external and internal stability. The EMS Agreement provided for fluctuation margins offering some flexibility and for the possibility of central rate changes, which could compensate for diverging monetary policies. As divergences were narrowed, central rate adjustments could be small so as not to affect market rates; thus minimizing the potential for destabilizing capital flows. |
|---|---|
| Item Description: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Physical Description: | 1 online resource (116 pages) |
| Format: | Mode of access: Internet |
| ISSN: | 0251-6365 |
| Access: | Electronic access restricted to authorized BRAC University faculty, staff and students |