The European Monetary System (EMS)
On March 13, 1979, a new device in the monetary sphere of Western Europe came into being: the European Monetary System (EMS), based on an agreement between the then nine member countries of the European Communities (EEC), started its operations. After a few abortive efforts, this new attempt was made to provide a stimulus from the monetary side to the rather dragging process of European economic integration. Why from the monetary side, and what contribution can monetary policy make to regional economic integration?
KeywordsExchange Rate Monetary Policy Central Bank European Monetary System Exchange Rate Policy
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