This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...

This paper discusses comparison of economic and social indicators in the year 1988 between Federal Republic of Germany (FRG) and German Democratic Republic (GDR). The budgetary costs of unification will be substantially larger than initially envisaged. Moreover, if one adds to the budget the...