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The EMS and the Completion of the Internal Market

In: Prospects for the European Monetary System

Author

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  • Pippo Ranci

Abstract

Both the EMS and the Single European Internal Market (IM) rely on a strategy of ‘dynamic disequilibria’ in order to overcome the difficulty of achieving strong political agreement on the institutional issue (Micossi, 1988). This is not a novelty, since the whole Common Market experience since the 1950s can be seen as a grand experiment in unleashing economic processes that will produce enough welfare gains and enough economic benefit for the politically influential interest groups, so that in due time there will be the necessary consensus for the construction of the political institutions, which in turn are necessary to maintain the mentioned benefits.

Suggested Citation

  • Pippo Ranci, 1990. "The EMS and the Completion of the Internal Market," Palgrave Macmillan Books, in: Piero Ferri (ed.), Prospects for the European Monetary System, chapter 6, pages 123-134, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11629-4_6
    DOI: 10.1007/978-1-349-11629-4_6
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