This paper analyses the nature of the monetary policies in the EMS during the most recent recession. It shows that these monetary policies were very restrictive in an historical perpective, and identifies the characteristics of the workings of the EMS responsible for these monetary policies.

Intro -- Contents -- Series Foreword -- Contributors -- Chapter 1. Introduction -- Chapter 2. Purity, Price, and Production: Are Drug Markets Different? -- 2.1 Introduction -- 2.2 Motivation -- 2.3 Risks and Prices -- 2.4 Some Puzzles -- 2.5 Participant Characteristics, Market Outcomes, and...