This paper analyzes the 1992 crisis in the EMS and raises the question whether EC monetary integration along the lines envisaged by the Maastricht Treaty is an efficient and viable way of monetary union. The challenge of the single market project for monetary integration is discussed and it is...

This paper analyzes the 1992 crisis in the EMS and raises the question whether EC monetary integration along the lines envisaged by the Maastricht Treaty is an efficient and viable way of monetary union. The challenge of the single market project for monetary integration is discussed and it is...