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The New European Monetary System

In: Monetary Integration in Europe

Author

Listed:
  • Horst Tomann

    (Freie Universitaet (FU) Berlin)

Abstract

The new European Monetary System is an exchange rate mechanism (ERM II) that particularly addresses Eastern European accession countries who joined the European Union since 2004. By signing the Maastricht Treaty, these countries agreed to adopt the euro in the longer term. The ERM II provides assistance on this way. This chapter firstly describes the choices which are open to new members on their way to the monetary union. Secondly, the main features of ERM II are presented and implications for the credibility of the system are examined. Thirdly, the chapter briefly reports on what strategies were chosen by the new member states to achieve monetary convergence and to prepare for EMU.

Suggested Citation

  • Horst Tomann, 2017. "The New European Monetary System," Studies in Economic Transition, in: Monetary Integration in Europe, edition 2, chapter 11, pages 197-212, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-319-59247-3_11
    DOI: 10.1007/978-3-319-59247-3_11
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