The European monetary system : developments and perspectives /

The European monetary system : developments and perspectives /

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Bibliographic Details
Imprint:	Washington, D.C. : International Monetary Fund, 1990.
Description:	1 online resource (vi, 99 pages) : illustrations.
Language:	English
Series:	Occasional paper ; no. 73 Occasional paper (International Monetary Fund) ; no. 73.
Subject:	Money -- European Economic Community countries. Monetary policy -- European Economic Community countries. Monetary policy. Money. European Economic Community countries.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12500652

Hidden Bibliographic Details
Other authors / contributors:	Ungerer, Horst, author.
ISBN:	1557751722 9781557751720 1462302157 9781462302154 9781462310227 1462310222 9781462302154 1462375812 9781462375813
Notes:	Available in PDF, ePUB, and Mobi formats on the Internet. Includes bibliographical references (pages 96-99). English. Online resource; title from PDF title page (IMF, viewed August 17, 2015).
Summary:	This paper reviews developments in the European Monetary System (EMS). The paper highlights that the first phase of development of the EMS, from its beginning in March 1979 to March 1983, can be seen as a phase of trial and orientation. A common economic policy strategy was not yet in place, and the member countries tried to cope with exogenous disturbances in different ways. The second phase, from March 1983 to 1987, can be described as one of consolidation. Economic policies in exchange rate mechanism countries were increasingly oriented toward internal monetary stability.
Other form:	Print version: European monetary system. Washington, D.C. : International Monetary Fund, 1990
Standard no.:	10.5089/9781462302154.084
Publisher's no.:	MWT11390456

Description
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:	Available in PDF, ePUB, and Mobi formats on the Internet.
Physical Description:	1 online resource (vi, 99 pages) : illustrations.
Bibliography:	Includes bibliographical references (pages 96-99).
ISBN:	1557751722 9781557751720 1462302157 9781462302154 9781462310227 1462310222 1462375812 9781462375813