The Mark of the Bundesbank: Germany's Role in European Monetary Cooperation. By Dorothee Heisenberg. Boulder, CO: Lynne Rienner, 1999. 214p. $49.95. - Germany and the Politics of Europe's Money. By Karl Kaltenthaler. Durham, NC: Duke University Press, 1998. 146p. $49.95 cloth, $16.95 paper. - Deutsche Mark Politics: Germany in the European Monetary System. By Peter Henning Loedel. Boulder, CO: Lynne Rienner, 1999. 261p. $55.00.

1999 ◽  
Vol 93 (4) ◽  
pp. 1015-1017
Author(s):  
Erik Jones
Keyword(s):  
European Monetary System ◽  
European Monetary ◽  
Monetary Cooperation ◽  
Monetary System ◽  
Deutsche Mark ◽  
Duke University

Deutsche Mark Politics: Germany in the European Monetary System

2001 ◽  
Vol 24 (2) ◽  
pp. 435
Author(s):  
Christopher Hartwell ◽  
Peter Henning Loedel
Keyword(s):  
European Monetary System ◽  
European Monetary ◽  
Monetary System ◽  
Deutsche Mark

The Politics of Monetary Leadership and Followership: Stability in the European Monetary System since the Currency Crisis of 1992

1998 ◽  
Vol 46 (2) ◽  
pp. 236-259 ◽  
Author(s):  
Rawi Abdelal
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
European Monetary System ◽  
European Monetary ◽  
Monetary Policies ◽  
Monetary Cooperation ◽  
Monetary System ◽  
Before And After ◽  
The Stability ◽  
Rate Mechanism

Despite widespread scepticism, there is a fundamental continuity in the stability of the European Monetary System (EMS) before and after the 1992 crisis. Although speculative pressures provoked European leaders to widen the fluctuation bands of the Exchange Rate Mechanism (ERM), thus altering substantially the official commitment of member governments to coordinate monetary policies and exchange rates, the values of currencies in the hardcore of the EMS have remained close to their pre-crisis parities with limited fluctuations. European monetary cooperation continues informally, achieving much more stability than the wide bands suggest. The task of the article is to explain the puzzling continued success of the EMS. First, this article re-specifies the problem of international monetary cooperation as a leader-follower interaction with inherently hierarchical attributes. Second, the article outlines the causes of exchange-rate stability in Europe. Finally, the article emphasizes that French monetary followership is the key to the stability of the post-crisis arrangement and offers a preliminary interpretation of the sources of French behaviour.

The European Monetary System

1979 ◽  
Vol 87 ◽  
pp. 5-12 ◽  
Keyword(s):  
European Monetary System ◽  
Striking Feature ◽  
House Of Commons ◽  
European Monetary ◽  
Monetary System

The most striking feature of the Bremen proposals for a new European Monetary System (EMS) was the scepticism, and in many cases hostility, with which they were received by professional economists. The main positions on macro-economic questions—orthodox, monetarist and international monetarist—were all represented among the economists who submitted written evidence to the House of Commons Expenditure Committee, when it examined the EMS proposals last November. All doubted whether the proposals, so far as they were then known, could work, and some predicted an early breakdown. Some took the view that, even if the scheme could work, it would not be to Britain's advantage to join. Such convergence of opinion among professional economists, with monetarists and Keynesians appearing to be in the same camp, is sufficiently unusual to deserve notice. Nor is this just an example of the British giving voice to the prevalent anti-European feeling. German economists, represented for example by the five Institutes, have been similarly sceptical.

scholarly journals Le système monétaire européen : Le point de vue européen

2005 ◽  
Vol 12 (3) ◽  
pp. 533-547 ◽  
Author(s):  
Michel Lelart
Keyword(s):  
Interest Rates ◽  
International Monetary System ◽  
European Monetary System ◽  
The United States ◽  
European Monetary ◽  
International Capital Markets ◽  
Monetary System ◽  
American Interest ◽  
International Environment ◽  
The Stability

The evolution of the international monetary System prompted the nine members of the E.E.C. to establish a European Monetary System. The new statutes of the I.M.F. have in fact legalized the practice of flexible exchange rates and sanctioned the dollar's inconvertibility while eliminating the role of gold. Further, the increasing importance of the international capital markets fosters the unlimited expansion of international liquidities. it is in response to this context then that Europe seeks to create a zone of stability and to manage its own international tender in accordance with rules that it has set for itself. The author draws a positive conclusion as the System has operated without major problems so far. Nevertheless, difficulties remain: the international environment has not improved given the abrupt strengthening of the dollar and the increase in American interest rates. In addition, progress with regard to cooperation among the Nine remains slow and political change in France makes any prognosis respecting the future of the European Monetary System difficult. It was anticipated that the System would be Consolidated rapidly. It would in that event contribute more effectively to the stability of the international monetary System. It could, on the other hand, sharpen competition between Europe and the United States, between the Ecu and S.D.Rs. and between the European Monetary Fund and the International Monetary Fund.

Exchange risk premia in the European monetary system

2000 ◽  
Vol 10 (4) ◽  
pp. 351-360 ◽  
Author(s):  
Frederick G. M. C. Nieuwland ◽  
Willem F. C. Verschoor ◽  
Christian C. P. Wolff
Keyword(s):  
European Monetary System ◽  
Risk Premia ◽  
European Monetary ◽  
Monetary System ◽  
Exchange Risk
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