[eng] In this paper, we suggest that an irrevocable determination of exchange rates has both costs and benefits. The firsts are mainly the consequences of renouncing to use interest rates as a policy instrument. The benefits are a stronger credibility for monetary policy and the disappearance of...

[eng] The EMS : Achievements and Perspectives Daniel Gros, Niels Thygesen In the first part of this paper, we examine the past functioning of the EMS. We raise a number of issues concerning the contribution of the system to monetary stability, a major objective of European policies till now. We...