EMS and EMU after the fall: a reply

Article Abstract:

Williamson is sufficiently cautious in his description of Portes' views on fundamentals versus expectations, while Williamson's rules for exchange rate management are inadequate. The currency union would be preserved via the convergence enforced by a common currency, with the advantages of implementing a common currency either prior to attaining the convergence conditions of the Maastricht Treaty or after not discussed. It is agreed that the exchange rate mechanism (ERM) has collapsed and will be difficult to reassemble, but a resurrection is vital economically and politically.

Research, Williamson, John

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EMS and EMU aftter the fall

Article Abstract:

The breakdown of the European Monetary System (EMS) during its lengthy transition period to the European Monetary Union (EMU) was caused by the absence of realignments prior to Sep 1992, the lack of controls over capital movements and inaction over the German unification's impact. Such misdirected policies eventually led to higher interest rates and destabilization of the currencies of member countries. Abandoning the EMS or speeding up the move to the EMU, meanwhile, remain alternative solutions to the recent exchange rate crisis.

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The path to monetary union in Europe

Article Abstract:

The currency malaise within the EC over the shift from the European Monetary System to the European Monetary Union may be relieved by a proposal wherein the European Monetary Institute would serve as a platform for central banks to meet and plan cooperatively. Such a scheme would not only take advantage of the floating exchange rate's stabilizing role, it would also highlight the benefits accruing from economic integration.

International economic integration, Economic integration

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