Stability of the Exchange Rate Mechanism in a Multi-Country System

Econometrica ◽  
1954 ◽  
Vol 22 (3) ◽  
pp. 360 ◽  
Author(s):  
J. J. Polak ◽  
Ta-Chung Liu
Keyword(s):  
Exchange Rate ◽  
Exchange Rate Mechanism ◽  
The Exchange Rate ◽  
Rate Mechanism

Article 142 TFEU

2019 ◽  
Author(s):  
Leo Flynn
Keyword(s):  
Exchange Rate ◽  
Member State ◽  
Exchange Rate Policy ◽  
Common Interest ◽  
Member States ◽  
Exchange Rate Mechanism ◽  
Rate Policy ◽  
The Exchange Rate ◽  
Rate Mechanism

Article 124(1) EC Each Member State with a derogation shall treat its exchange-rate policy as a matter of common interest. In so doing, Member States shall take account of the experience acquired in cooperation within the framework of the exchange-rate mechanism.

Chapter I. The Home Economy

1990 ◽  
Vol 133 ◽  
pp. 7-23
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
The Third ◽  
Exchange Rate Mechanism ◽  
Significant Fall ◽  
The Exchange Rate ◽  
Rate Mechanism

We start our forecast this time with an exchange rate 9½ per cent higher in the third quarter of this year than we anticipated in May. The main reason for the appreciation of sterling was probably a reassessment by the market of the likely course of UK monetary policy over the next year or two. The likelihood of an early and significant fall in interest rates has receded, as forecasts of the underlying rate of inflation have been revised up. At the same time the commitment to join the exchange-rate mechanism has become firmer, and the Chancellor has been interpreted as wishing to ‘talk the rate up’.

Does Depoliticisation Work? Evidence from Britain's Membership of the Exchange Rate Mechanism, 1990–92

2008 ◽  
Vol 10 (4) ◽  
pp. 630-648 ◽  
Author(s):  
Steven Kettell
Keyword(s):  
Exchange Rate ◽  
Empirical Studies ◽  
Conventional View ◽  
Exchange Rate Mechanism ◽  
Relative Success ◽  
The Exchange Rate ◽  
Rate Mechanism

The concept of depoliticisation has become increasingly popular in recent years, but empirical studies into depoliticisation policies have been less prevalent. Absent from the literature, too, are any clearly delineated criteria by which the success or failure of such policies might be assessed. This article attempts to address these issues through an examination of Britain's membership of the Exchange Rate Mechanism from 1990 to 1992. In contrast to the conventional view of this episode, in which it is seen as a policy disaster, it is argued that as a policy of depoliticisation ERM membership was a relative success.

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