De Grauwe, Paul; Ji, Yuemei - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone …. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the … markets that caused the fragility. We conclude that in the EMS the national central banks were weak and fragile, and the …