The European Monetary System
and Exchange-Rate Mechanism
(Eds), The European Monetary System
in the 1990's, Longman, London, 1990, pp.
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
BMW used the occasion to repeat its desire for Britain to take sterling into the European monetary system
Encouraged by the convergence in European inflation rates in the preceding years, the (new) European Monetary System
(EMS) was launched in 1987 with augmented financing arrangements and greater symmetry in the support role to be played by member central banks.
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.
The recent experience of the European Monetary System
has once again brought the problem of international monetary instability to scholars' and policymakers' attention.
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.
Peter Ludlow sketches the developments of key EC institutions--the Council, Commission, and Parliament--and argues that Maastricht strengthens the Council as the key decision-making institution; "supranationalism" in the EC is in fact institutional "intergovernmentalism." 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