The European Monetary System

Authors:
  • FGFrancesco Giavazzi
    Francesco Giavazzi
  • SMStefano Micossi
    Stefano Micossi
  • MMMarcus Miller
    Marcus Miller
  • NTNiels Thygesen
    Niels Thygesen
  • RDRudiger Dornbusch
    Rudiger Dornbusch
  • RTRobert Triffin
    Robert Triffin
  • CWCharles Wyplosz
    Charles Wyplosz
  • JMJacques Melizt
    Jacques Melizt
  • JVJosé Vinals
    José Vinals
  • AGAlberto Giovannini
    Alberto Giovannini
  • WBWilliam Branson
    William Branson
  • SCSusan M. Collins
    Susan M. Collins
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Abstract
The European Monetary System (EMS) has, since its inception in 1979, provided a fascinating example of policy co-ordination in practice. As concern about exchange-rate instability and global economic imbalances has grown, both academic researchers and policy-makers have looked to the EMS for lessons about co-operation on a wider scale. This volume contains the papers and proceedings of an October 1987 conference organised by the Centre for Economic Policy Research in co-operation with the Banca d'Italia and the Centro Interuniversitario di Studi Teorici per la Politica Economica (STEP). The conference brought together distinguished academics and practitioners from eleven European central banks. The papers offer a timely summary of current research, while the concluding panel discussion provides a valuable perspective on the concerns of policy-makers. This will be the definitive publication on the EMS for some years to come, and hence a basic reference for anyone interested in the international monetary system and policy co-ordination.