The paper, presented as the “Jean Monnet Lecture†at the European University Institute in Florence on March 20th, 1998, evaluates the current situation and perspective of European industry and finance in the face of world competition. In the context of the European Economic and...

The experience of recentyears showsthat it hasa fundamentalroleformation mechanismof the exchange rateinmacroeconomic stabilization. Global economiccrises, oil shockshave shownthe difficultyoffloatingsustainabilitybyparticipants in the system. EuropeanMonetary System, focused...