Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 5 Number 1 pp. 37-60

Maciej Skrobisz

Pozna&#
3

2

4
; University of Economics, Poland

European monetary integration : from the beginnings to the EMS crisis of 1992-93

Abstract: In the world of Bretton Woods exchange rate system, monetary policy played a secondary and subservient role, which in the case of European integration was strengthened by a predominant role of politics. Therefore, the first institutional arrangements at the beginning of the European monetary integration process served a set of practical goals. But changing global economy as well as changing politics of the European government set new goals for monetary policy coordination, which finally resulted in the origin of the European Monetary System. The EMS lasted for the next 14 years, until liberalizing financial markets and German unification led to the most severe crisis in the history of European monetary integration. As a decision concerning the pace and the path of monetary integration was an outcome of negotiations between main adversaries (Germany and France), it is crucial to look at the methodological context of the economist-monetarist discussion which set a mark on the institutional setup of the European monetary policy. (original abstract)
pub/2005_1_37.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume5/issue1/2005_1_37.pdf
Keywords: European Monetary System (EMS), Monetary integration, Economic policy, Economic crisis, Europejski System Walutowy (ESW), Integracja monetarna, Polityka gospodarcza, Kryzys gospodarczy

For citation:

MLA Skrobisz, Maciej. "European monetary integration : from the beginnings to the EMS crisis of 1992-93." Economics and Business Review EBR 5.1 (): 37-60.
APA , (). European monetary integration : from the beginnings to the EMS crisis of 1992-93. Economics and Business Review EBR 5(1), 37-60
ISO 690 SKROBISZ, Maciej. European monetary integration : from the beginnings to the EMS crisis of 1992-93. Economics and Business Review EBR, , 5.1: 37-60.