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The US-Dollar has inflated the world. Its vehicle is the present international monetary system of pegged exchange rates … became an important promoter of world wide inflation. …
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Assuming the convergency criteria are not watered down, European Monetary Union will begin on 1.1.1999 with just a few core countries. With the help of the theory of clubs, Professor F. L. Sell analyses the incentive effects of the "monetary club" on founding members and "outsiders".
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Exchange rate volatility and long-term distortions of exchange rate levels have given rise to concern among participants in international trade. Do exchange rate fluctuations have an adverse impact on the volume of trade? What measures could be taken to achieve greater exchange rate stability?
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