02070cas a2200241 a 4500 AALejournalIMF012611 230101c9999 xx r poo 0 0eng d 15.00 USD 9781557751720 0251-6365 BD-DhAAL BD-DhAAL International Monetary Fund. EUropean Monetary System : Developments and Perspectives, Occ. Paper No. 73. Washington, D.C. : International Monetary Fund, 1990. 1 online resource (116 pages) Occasional 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 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. Mode of access: Internet Occasional Papers; Occasional Paper ; No. 1990/007 Full text available on IMF http://elibrary.imf.org/view/books/084/14088-9781557751720-en/14088-9781557751720-en-book.xml IMF e-Library