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Common unresolved problem with the EMS and EMU.

By:

SALVATORE, Dominic

Material type: Text

TextPublication details: 1997Action note:

3/7/00 M2LMGR

Summary: Points out that although establishing the EMU will overcome some of the pitfalls of the EMS which delayed the cause of monetary union in Europe, it will face the same basic problem as the EMS. Specifically, the EMS crises reinforced the belief that a nation cannot simultaneously have fixed exchange rates, unrestricted international financial capital flows, and even a semi-autonomous monetary policy.

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Points out that although establishing the EMU will overcome some of the pitfalls of the EMS which delayed the cause of monetary union in Europe, it will face the same basic problem as the EMS. Specifically, the EMS crises reinforced the belief that a nation cannot simultaneously have fixed exchange rates, unrestricted international financial capital flows, and even a semi-autonomous monetary policy.

3/7/00 M2LMGR

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