POECK, ANDRÉ VAN; VANNESTE, JACQUES; VEINER, MARET - In: Journal of Common Market Studies 45 (2007) 06, pp. 459-485
Economic theory has stressed the vulnerability to currency crises of intermediate exchange regimes. ERM II constitutes a fixed but adjustable pegged exchange rate arrangement and can therefore be categorized as an intermediate regime, in contrast to polar regimes such as currency boards and...