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The Exchange-Rate Mechanism: Inflation and Growth

In: One Money for Europe?

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  • Malcolm Crawford

Abstract

The clear and undoubted achievement of the ERM since its inception in March 1979, apart from expansion of its membership, was a marked reduction of exchange-rate volatility among ERM member currencies. There was also an apparent reduction in the volatility of interest rates. Moreover, interest rates among the major participants that were in from the beginning eventually converged close to Germany’s, in most cases. However, Germany’s explosion of borrowing due to reunification in 1990 must have helped with this convergence at that time.

Suggested Citation

  • Malcolm Crawford, 1996. "The Exchange-Rate Mechanism: Inflation and Growth," Palgrave Macmillan Books, in: One Money for Europe?, chapter 6, pages 79-96, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25035-6_6
    DOI: 10.1007/978-1-349-25035-6_6
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