This study investigates whether the common monetary policy by the European Central Bank leads to asymmetric macroeconomic developments in the EU member countries. Several theoretical models of monetary unions are developed to assess how differences in particular channels of transmission...

Monetary Policy in the European Monetary Systems (EMS) provides the reader with a critical assessment of the EMS operation, focusing on key issues like intervention in money and foreign exchange markets and credibility of EMS exchange rate bands. The book also reopens the discussion on the "EMS...