16) Before the 1970s were out, the idea of monetary union and the practice of progressing by means of building blocks had combined to produce a very significant element of monetary integration: the European Monetary System
Commission of the European Communities, The European Monetary System
, European File No.
These are the leading questions McNamara sets for herself in analyzing three episodes of monetary cooperation in Europe: the Bretton Woods system, the Snake from the early 1970s, and the European Monetary System
Limited exchange rate flexibility,: The European monetary system
They claimed that the nails were clear proof that the pressures of the European Monetary System
, inflation and rising interest rates, were finally getting to the Iron Chancellor and he was now clearly a man under stress.
Under the first, food price inflation could be expected to be contained by the locking of sterling into the Bundesbank-dominated European monetary system
in which devaluations will be 'verboten'.
The breakdown of the Exchange Rate Mechanism of the European Monetary System
in 1992 was a particularly striking case of trying to lock exchange rates together when comparable economic forces were not close to being identical among the countries.
When the European Monetary System
(EMS) was established in March 1979, the member countries agreed to gradually move to a European Monetary Union (EMU).
When the European monetary system
fell into disarray, Le Monde wrote darkly of financial conspiracy spearheaded by American "speculator" George Soros.
Ludlow also emphasizes the continuing centrality of the Franco-German alliance for key issues such as the European Monetary System
, German unification, and the campaign for a social dimension to market integration.
I should add, however, that sometimes he takes the literature too seriously--especially the affirmative literature on the European Monetary System
Some scholars' and officials' dissatisfaction with the performance of the present floating exchange rate system, coupled with increased interest in restoring fixed exchange rate arrangements and buoyed by the apparent success of the European Monetary System
(EMS), made the conference timely.