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The European Monetary System Ten Years On: The System’s Architecture, Problems and Perspectives

In: Issues in Contemporary Economics

Author

Listed:
  • Rainer S. Masera

    (Istituto Mobiliare Italiano)

Abstract

Operational experience with the European Monetary System (EMS), coupled with theoretical analysis (see, in particular, Obstfeld, 1988 and Wyplosz, 1986), have convinced me that a system of fixed exchange rates that can be adjusted discretely, and which therefore offers substantial opportunities for speculative profits, will be difficult to maintain under conditions of complete capital mobility, even with unlimited very short-term reciprocal lines of credit in place. We are faced with a difficult road ahead, but the leit-motiv of this paper is ‘keep going and you won’t stop’.

Suggested Citation

  • Rainer S. Masera, 1991. "The European Monetary System Ten Years On: The System’s Architecture, Problems and Perspectives," International Economic Association Series, in: Marc Nerlove (ed.), Issues in Contemporary Economics, chapter 7, pages 159-182, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11576-1_7
    DOI: 10.1007/978-1-349-11576-1_7
    as

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