Abstract
The breakdown of the Bretton Woods regime and the shift to floating exchange rates in 1973 was a response to changing circumstances and policy behaviour due to real shocks and inflationary pressures. Experience with flexible exchange rates reveals a number of weaknesses for which the new system cannot be blamed entirely — and there is a growing clamour for exchange rate stability and even for a more systemic reform of the existing international monetary regime.
I gratefully acknowledge the helpful comments and suggestions from Daniel Hardy and the constructive criticism of the participants of the Symposium.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Commission of the European Communities (1982), Documents Relating to the European Monetary System, in: European Economy, No. 12, Brussels, July.
Commission of the European Communities (1982), Exchange Rate Variability and Interventions within the European Monetary System, Brussels, mimeo.
Commission of the European Communities (1984), Five Years of Monetary Cooperation in Europe, Communication from the Commission to the Council, Brussels, March.
Commission of the European Communities (1986), Annual Report 1986/87, in: European Economy, No. 30, Brussels, November.
Commission of the European Communities (1987), Efficiency, Stability and Equity, Report of a Study Group Presided by T. Padoa-Schioppa, Brussels, April, mimeo.
Crocket, A. and M. Goldstein (1987), Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators, International Monetary Fund, Occasional Paper No. 50, Washington D.C., February.
Dam, K.W. (1982), The Rules of the Game, Reform and Evolution in the International Monetary System, Chicago.
Giavazzi, F. and A. Giovannini (1986a), The EMS and the Dollar, in: Economic Policy No. 2, London, April.
Giavazzi, F. and A. Giovannini (1986b), Monetary Policy Interactions under Managed Exchange Rates, Discussion Paper Series No. 123, Centre for Economic Policy Research, London.
De Grauwe, P. (1985), The European Monetary System During 1979–84. An Evaluation. International Economics Research Paper No. 47, Leuven.
Ifo-Institut für Wirtschaftsforschung (1985), Das Europäische Wirtschaftssystem - Erfahrungen und Perspektiven (with contributions by Triffin, Wegner, Mohr and Herrmann), Ifo-Schnelldienst 17/18, June.
Kenen, P.P. and D. Rodrick (1984), Measuring and Analyzing the Effects of Short-term Volatility in Real Exchange Rates, Princeton University, Working Papers in International Economics, March.
Kindleberger, C.P.K. (1986), International Public Goods without International Government, in: The American Economic Review, Vol. 76, No. 1, March.
Micossi, S. and T. Padoa-Schioppa (1984), Can Europeans Control Their Interest Rates? Centre for European Policy Studies, CEPS Papers No. 17, Brussels.
Obstfeld, M. (1985), Floating Exchange Rates: Experience and Prospects, in: Brookings Papers on Economic Activity 2, Washington, D.C.
Oudiz, G. (1985), European Policy Coordination: An Evaluation, Centre for Econ- omic Policy Research, Discussion Paper Series No. 81, London, October.
Padoa-Schioppa, T. (1985), Policy Cooperation and the EMS Experience, in: W.H. Buiter and R.C. Marston (eds.), International Economic Policy Coordination, Cambridge.
Peeters, T., P. Praet, and P. Reding (1985), (eds.), International Trade and Exchange Rates in the Late Eighties,Amsterdam.
Pohl, K.O. (1987), The European Monetary System - a Model for a More Stable International Monetary Order? (Paul-Henri Spaak Lecture at the Center for International Affairs, Harvard University, May 4), in: Deutsche Bundesbank, Auszüge aus Presseartikeln, No. 33, Frankfurt /M.
Rogoff, K. (1985), Can Exchange Rate Predictability be Achieved without Monetary Convergence? Evidence from the EMS, in: European Economic Review, 28.
Steinherr, A. (1985), Competitiveness and Exchange Rates: Policy Issues for Europe, in: Peeters/Praet/Reding (eds.)
Thygesen, N. (1981), Are Monetary Policies and Performances Converging? Some Elements of an Evaluation of Constraints and Performances in the First Two Years of the EMS, in: Banca Nazionale del Lavoro, Quarterly Review.
Thygesen, N. (1984), Exchange-Rate Policies and Monetary Targets in the EMS Countries, in: R.S.Masera and R. Triffin (eds.), Europe’s Money: Problems of Coordination and Integration, Oxford.
Triffin, R. (1985), Before and After the Bonn Summit Meeting, in: Peeters/Praet/Reding (eds.).
Ungerer, H., O. Evans, and P. Nyberg (1983), The European Monetary System: The Experience, 1979–82, IMF, Occasional Paper No. 19, Washington, D.C., May.
Ungerer, H., O. Evans, T. Mayor, and P. Young (1986), The European Monetary System: Recent Developments, IMF, Occasional Paper No. 48, Washington, D.C., December.
Wegner, M. (1985), External Adjustment in a World of Floating: Different National Experiences, in: L. Tsoukalis (ed.), The Political Economy of International Money, London.
Wegner, M. (1987), Problems and Instruments of International Coordination, in: The World Economy, Vol. 10, No.3 (forthcoming), London.
Ypersele, J. van, and J.-C. Koeune (1984), The European Monetary System, Commission of the European Communities, European Perspectives Series, Luxembourg.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1989 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Wegner, M. (1989). The European Monetary System: A Regional Bretton Woods or an Institutional Innovation?. In: Vosgerau, HJ. (eds) New Institutional Arrangements for the World Economy. Studies in International Economics and Institutions. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-83647-3_6
Download citation
DOI: https://doi.org/10.1007/978-3-642-83647-3_6
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-83649-7
Online ISBN: 978-3-642-83647-3
eBook Packages: Springer Book Archive