International Financial Markets in ECU: The Impact of a Difficult Consensus

  • François Leroux


Between September 1992 and August 1993, the European Monetary System (EMS) came under extreme pressure. After a long quiet period on the foreign exchange front, and while Euro-optimists were openly evoking the advent of the Single currency, a wave of speculative attacks on some of the most important EMS currencies led to a series of devaluation, to retreats from the Exchange Rate Mechanism (ERM), and to the widening of the bands to 15 %. These events had a dramatic effect on the different compartments of the Ecu-denominated financial markets. However, different aspects of the crisis brought to light one of the most promising additions to the international capital markets’ characteristics.


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Copyright information

© Gabler Verlag, Wiesbaden 1995

Authors and Affiliations

  • François Leroux

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