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Spain and EMU

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  • Garcia, Isabella

Abstract

By joining the EMS on 16 June 1989, the peseta became the first currency to join the European exchange rate mechanism created ten years ago. On this tenth anniversary, the EMS, renowned for promoting non-inflationary growth and accelerating economic convergence, was hailed as a great success. However, in the wake of recent currency turbulence, punctuated in particular by three devaluations of the Spanish currency since September 1992, the European exchange rate system is suddenly accused of a variety of evils: slowing growth, anchoring on Germany, hindering Competitiveness - price of several states, etc. Some comments on the functioning of the ECM are as devastating today as they were laudatory at the end of the last decade. This radical change of opinion is an opportunity to take an interest in the particular situation of Spain at a crossroads of European monetary integration. After recalling the situation of the Spanish economy on the eve of its accession to the EMS, we will attempt to draw up an initial assessment of the entry of the peseta into the European exchange rate mechanism.

Suggested Citation

  • Garcia, Isabella, 1997. "Spain and EMU," MPRA Paper 89494, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:89494
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    References listed on IDEAS

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    1. Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330, National Bureau of Economic Research, Inc.
    2. Kirrane, Chris, 1995. "The Bretton Woods Experience and ERM," MPRA Paper 89000, University Library of Munich, Germany.
    3. Kirrane, Chris, 1994. "Implications of EMU for the European Community," MPRA Paper 88998, University Library of Munich, Germany.
    4. F. Giavazzi & L. Spaventa, 1990. "The "New" EMS," Working Papers 86, Dipartimento Scienze Economiche, Universita' di Bologna.
    5. Giancarlo Corsetti & Vittorio Grilli & Nouriel Roubini, 1990. "Exchange Rate Volatility in Integrating Capital Markets," NBER Working Papers 3570, National Bureau of Economic Research, Inc.
    6. Mr. Owen Evens & Mr. Thomas H. Mayer & Mr. Philip M Young & Horst Ungerer, 1986. "The European Monetary System: Recent Developments," IMF Occasional Papers 1986/007, International Monetary Fund.
    7. Kirrane, Chris, 1996. "Maastricht and Monetary Cooperation," MPRA Paper 88999, University Library of Munich, Germany.
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    More about this item

    Keywords

    EMU; Monetary Union;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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