The recent collapse of the European Monetary System (EMS) is a setback in the move towards European economic and monetary union (EMU). Two major causes have been identified for one crisis in the EMS in September 1992 and its subsequent collapse on 2 August 1993: German reunification and the...

Every currency crisis brings with it a discussion on the optimal choice of the exchange rate regime. This literature is characterised by an exclusive focus on this single policy issue whilst taking other institutional choices as given. The authors attempt to develop an approach which...

Every currency crisis brings with it a discussion on the optimal choice of the exchange rate regime. This literature is characterised by an exclusive focus on this single policy issue whilst taking other institutional choices as given. The authors attempt to develop an approach which...