Abstract
At first sight, the EMS appears (or is said) to be an island of stability in a choppy ocean. For sure, the waves affect the shores of the island. But by and large the degree of stability of the inside land is enhanced, thus favouring intra-European trade. The metaphor has flimsy empirical and ambiguous theoretical foundations. It is common sense but common sense is often wrong, especially when applied to new problems.
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© 1990 Piero Ferri
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Fitoussi, JP., Le Cacheux, J. (1990). The EMS and International Transmission Mechanisms. In: Ferri, P. (eds) Prospects for the European Monetary System. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11629-4_5
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DOI: https://doi.org/10.1007/978-1-349-11629-4_5
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