00596nam a2200085Ia 4500100002300000245005200023260000900075520040700084583001900491  aSALVATORE, Dominic  aCommon unresolved problem with the EMS and EMU.  c1997  aPoints 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.  c3/7/00kM2LMGR