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The development of the European Monetary Union is related to Milton Friedman's critique of the Bretton Woods System that started a vigorous debate about “fixed versus flexible exchange rates.” This paper contrasts briefly the arguments pro and con flexible exchange rates at this time. After...
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This paper starts with a brief description of the situation before the establishment of the European Monetary Union (EMU), i.e., the problems of the European Monetary System (EMS) which was established in 1979 and was in need of repair. The paper then deals with the various possibilities of...
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