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Intereconomics

, Volume 17, Issue 6, pp 274–278 | Cite as

International perspectives of the European Monetary System

  • Hartmut Picht
Articles Monetary Policy
  • 12 Downloads

Abstract

The none too firmly established position of the IMF with regard to the realization of the objectives of its Articles of Agreement has been additionally impaired by the establishment of the European Monetary System. From an international point of view a revision of the present EMS concept would seem to be called for in order to prevent the credibility of the IMF and the objectives of its Agreement being called in question.

Keywords

Exchange Rate Monetary Policy International Monetary Fund Money Supply European Monetary System 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

  1. 1.
    Cf. F. E. Aschinger: Das neue Währungssystem—Von Bretton Woods bis zur Dollarkrise 1977 (The New Monetary System—From Bretton Woods to the Dollar Crisis 1977), Frankfurt 1978, for a detailed explanation of the new IMF Agreement.Google Scholar
  2. 2.
    Cf. also H.-H. Taake: Die währungspolitischen Auseinandersetzungen zwischen Entwicklungs- und Industrieländern—eine Zwischenbilanz (The Monetary Policy Conflict between Developing and Industrialised Countries—An Interim Balance), in: Außenwirtschaft, Vol. 34, Zurich 1979, p. 143 ff.Google Scholar
  3. 3.
    On the European Monetary System see: Europäische Gemeinschaften—Währungsausschuß, Kompendium von Gemeinschaftstexten im Bereich der Währungspolitik (European Community—Monetary Committee, Compendium of Community Texts in the Sphere of Monetary Policy), Brussels-Luxembourg 1979; also, for an overall view, Deutsche Bundesbank: Das Europäische Währungssystem, Aufbau und Arbeitsweise (The European Monetary System, Structure and Functioning), Monatsbericht März, Frankfurt 1979. For a “traditional” interpretation of. H. Picht: Die Ziele des Europäischen Währungssystems aus der Sicht der EG-Staaten (The Aims of the European Monetary System from the Viewpoint of the EC-Countries), Speyerer Forschungsberichte 8, Speyer 1979.Google Scholar
  4. 4.
    See footnote 3. For a “traditional” interpretation of H. Picht: Die Ziele des Europäischen Währungssystems aus der Sicht der EG-Staaten (The Aims of the European Monetary System from the Viewpoint of the EC-Countries), Spreyerer Forschungsberichte 8, Speyer 1979.Google Scholar
  5. 6.
    Cf. A. Stobbe: Volkswirtschaftslehre I, Volkswirtschaftliches Rechnungswesen (Economics I, National Accounts), 5th revised and extended edition, Berlin-Heidelberg-New York 1980, p. 12.Google Scholar
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    Cf. D. C. Mueller: Public Choice, London-New York-Melbourne 1979, p. 1 ff.Google Scholar
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    A first survey of the potential organizational weaknesses is provided by D. C. Mueller, loc. cit., Public Choice, London-New York-Melbourne 1979, p. 1 ff. though this needs amplification, especially regarding the production sector. Cf. also V. Ostrom, E. Ostrom: Public Choice: A Different Approach to the Study of Public Administration, in: Public Administration Review, Vol. 31, Washington 1971, p. 203 ff., as well as W. A. Niskanen: Bureaucrats and Politicians, in: Journal of Law and Economics, Vol. 18, Chicago 1975, p. 617 ff.Google Scholar
  8. 9.
    Cf. M. Olson: Die Logik des kollektiven Handelns. Kollektivgüter und die Theorie der Gruppen (The Logic of Collective Action. Collective Goods and the Theory of Groups), in: W. W. Pommerehne, B. S. Frey (eds.): Ökonomische Theorie der Politik, Berlin-Heidelberg-New York 1979, p. 295 ff.Google Scholar

Copyright information

© HWWA and Springer-Verlag 1982

Authors and Affiliations

  • Hartmut Picht
    • 1
  1. 1.Hochschule für VerwaltungswissenschaftenSpeyer

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