00643nam a2200109Ia 4500 SALVATORE, Dominic Common unresolved problem with the EMS and EMU. 1997 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 A 22181 22181 0 0 0 0 CRCM CRCM 2023-05-04 0 0000000016195 2023-05-04 00:00:00 2023-05-04 A