As the recent struggles connected with the readjustment of exchange rates within the European Monetary System have shown, the relatively unproblematic "running in" period of the EMS, which was supposed to be a constructive contribution to the creation of a more viable international monetary...

The record of the European Monetary System at the five-year mark is rather a disappointment for the System’s advocates. Has the “EMS experiment” failed? Or is there potential for developing the System further to the advantage of all member countries?

The European Monetary System (EMS) has, so far, proved to be a success. The regional approach to the promotion of monetary stability, in terms of both more predictable exchange rates and a reduction in inflation, is the only option available to Europe as attempts to create a new international...

The system of so-called Divergence Indicators in the European Monetary System puts pressure on the monetary authorities to consult before the intervention points are reached in the foreign exchange markets. Under integration aspects this arrangement marks an advance, but it also carries risks...