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The European Monetary System Ten Years On: Problems and Perspectives

In: Prospects for the European Monetary System

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  • Rainer S. Masera

Abstract

Operational experience with the EMS, coupled with theoretical analysis,1 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 in 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 leitmotif of this chapter is ‘keep going and you won’t stop’.

Suggested Citation

  • Rainer S. Masera, 1990. "The European Monetary System Ten Years On: Problems and Perspectives," Palgrave Macmillan Books, in: Piero Ferri (ed.), Prospects for the European Monetary System, chapter 10, pages 197-221, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11629-4_10
    DOI: 10.1007/978-1-349-11629-4_10
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