The European Monetary System (Ems): First Lessons and New Challenges

  • Henri Bourguinat
Part of the The Vienna Institute for Comparative Economic Studies book series (VICES)


There is a kind of paradox about the favour accorded by economists to the EMS. At the inception of the European monetary experiment, a deep scepticism was the rule. Seven years later, the success of the EMS is generally acclaimed, not only in Europe but all around the world. Occasionally, someone even proposes to generalise the system to the whole world economy and to develop a “World EMS System” with a “target zone” mechanism derived in fact from that in Europe.


Exchange Rate Interest Rate Inflation Rate Real Exchange Rate Real Interest Rate 
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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Copyright information

© Wiener Institut für Internationale Wirtschaftsvergleiche (WIIW) (The Vienna Institute for Comparative Economic Studies) 1988

Authors and Affiliations

  • Henri Bourguinat
    • 1
  1. 1.University of BordeauxFrance

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