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The European Monetary System: an Unexpected Success?

In: From EMS to EMU: 1979 to 1999 and Beyond

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  • George Zis

Abstract

An assessment of the actual relative to the expected performance of the European Monetary System (EMS) could be a useful input in the current debate on the desirability and viability of the recently created European Monetary Union (EMU). The contrast between the experience and the predictions articulated at the time of the establishment of the system in 1979 is pertinent for an evaluation not only of the case against EMU but also of the arguments in favour of the replacement of the European Union (EU) member countries’ currencies by the euro. Just as firm supporters of EMU were among the most severe critics of the EMS back in 1979, today the introduction of the euro is welcomed by firm opponents of political union.

Suggested Citation

  • George Zis, 1999. "The European Monetary System: an Unexpected Success?," Palgrave Macmillan Books, in: David Cobham & George Zis (ed.), From EMS to EMU: 1979 to 1999 and Beyond, chapter 3, pages 43-65, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27745-2_4
    DOI: 10.1007/978-1-349-27745-2_4
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