The work examines how the irrevocably fixed conversion rates for the currencies of countries participating in the EMU can be set. The authors recall the few provisions delineated in the Maastricht Treaty before examining the wide set of options available. If there are currencies in the ECU...

The work examines how the irrevocably fixed conversion rates for the currencies of countries participating in the EMU can be set. The authors recall the few provisions delineated in the Maastricht Treaty before examining the wide set of options available. If there are currencies in the ECU...

The Italian economy has often puzzled foreign observers over the past fifteen years. In this article we attempt to interpret these developments. In our interpretation, some implications of which are perhaps of more than local interest, we stress the role of policies throughout the period.

In the past three years, the countries that belong to the Exchange Rate Mechanism of the European Monetary System (EMS) have experienced a very rapid process of financial integration.