Since the widening of the fluctuation bands in the European Monetary System in 1993 the previous core countries have pursued a "D-Mark shadowing". The characteristic feature of this shadowing is the participating countries' willingness to voluntarily return to, and maintain, the old exchange...

As the recent struggles connected with the readjustment of exchange rates within the European Monetary System have shown, the relatively unproblematic "running in" period of the EMS, which was supposed to be a constructive contribution to the creation of a more viable international monetary...

In recent years significant progress has been made towards European monetary integration. Widespread agreement as to the role of monetary policy has been established and there were no realignments of exchange rates within the European Monetary System between March 1983 and July 1985. This was...