This study reviews developments in the European Monetary System from the beginning of 1983 to August 1986; it updates and complements an earlier study prepared by staff members of the International Monetary Fund and published Occasional Paper No. 19, which covered the time period from the inception...

Following a deep recession in 2020 and further contraction in 2021Q1, the euro area economy recovered rapidly in the second and third quarters thanks to high vaccination levels, increasing household and business adaptability to the virus, and continued forceful policy support. Looking ahead,...

The euro area has experienced an unprecedented economic downturn and exceptional financial market turmoil in the past few years. Policymakers have faced the twin challenges of addressing cyclical economic weakness--not unlike other industrial countries following the global economic crisis--and...

This chapter discusses various aspects of policy coordination in the European Monetary System (EMS). The purpose of the first paper in this chapter is to provide a survey of the process of European monetary integration, with focus on the EMS, its purposes, evolution, and the experience gathered...