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Is the European Monetary System a DM-Zone?

In: Evolution of the International and Regional Monetary Systems

Author

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  • Paul Grauwe

Abstract

It has been claimed by many observers that the EMS works in an asymmetric way. In this asymmetric interpretation of the workings of the EMS, Germany is seen as the central country which determines its monetary policy more or less independently from what happens in the rest of the EMS. The other countries peg their currencies to the Deutschmark and, in so doing, subordinate their monetary policies to German policies. This interpretation of the EMS has led to the widespread view that the system is de facto a Deutschmark zone. It is no exaggeration to state that this interpretation of the workings of the EMS has become the conventional wisdom.2

Suggested Citation

  • Paul Grauwe, 1991. "Is the European Monetary System a DM-Zone?," Palgrave Macmillan Books, in: Alfred Steinherr & Daniel Weiserbs (ed.), Evolution of the International and Regional Monetary Systems, chapter 14, pages 207-227, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11061-2_14
    DOI: 10.1007/978-1-349-11061-2_14
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