scholarly journals La mise en place du système monétaire européen

2009 ◽  
Vol 55 (4) ◽  
pp. 568-584
Author(s):  
Michel Lelart
Keyword(s):  
European Monetary System ◽  
European Monetary ◽  
Monetary System ◽  
Three Stages ◽  
The Creation

The author of this paper features the main events that led to the creation of a European monetary system. In the first part, the three stages of the European monetary construction are recalled. In the second part, the author analyses the agreement that occurred on December 5, 1978.

scholarly journals Le système monétaire européen : Où en sommes-nous?

2005 ◽  
Vol 12 (3) ◽  
pp. 445-463 ◽  
Author(s):  
Bernard Decaluwé
Keyword(s):  
European Monetary Union ◽  
European Monetary System ◽  
Council Of Europe ◽  
European Monetary ◽  
Monetary System ◽  
Political Implications ◽  
The Creation ◽  
European Currency Unit ◽  
Near Future ◽  
European Monetary Fund

The decisions of the Council of Europe on December 5"', 1978, that would lead to the establishment of the European Monetary System, raise a multitude of questions. Among these, the creation of a European currency unit, the ECU, and the announcement of the establishment in the near future of a European Monetary Fund, the E.M.F., are the most symbolic decisions in terms of public opinion as well as the most important in their economic and political implications. In this article, we will show that the development of the ECU and the creation of a E.M.F. with substantial decisional autonomy are the two conditions necessary for strengthening the European monetary union.

scholarly journals The Franco-German Alliance and Its Role in the Process of European Monetary Integration, 1944-2010 - Lessons for Today

2016 ◽  
Vol 11 (2) ◽  
pp. 119-135
Author(s):  
Dimitrios Syrrakos
Keyword(s):  
Economic Integration ◽  
Debt Crisis ◽  
European Monetary System ◽  
Monetary Integration ◽  
The European Union ◽  
European Monetary ◽  
Underlying Assumption ◽  
Monetary System ◽  
Close Relationship ◽  
The Creation

The aim of this paper is to assess the evolution of the Franco-German alliance and the likely directions in its development. In particular, the question of whether the two countries' close relationship would survive the current economic and political obstacles is addressed. Emphasis is, placed on the way the alliance facilitated the creation of European Monetary Union. Therefore, the signing of the Treaty of Rome, the establishment of the European Monetary System, the creation of the Single European Act and the Maastricht Treaty are evaluated within this perspective. An underlying assumption throughout the analysis is that the prospects of the alliance and EMU will proceed in tandem. If the alliance continues to evolve successfully then the process of European economic integration will also progress, whereas if the two countries relations increasingly attenuate then the process of economic integration would at best stagnate. The main conclusion is that, following the Eurozone debt crisis the Franco-German alliance has been, replaced by "German Hegemony". This has rendered the main driving force of the European Union ineffective and as such has undermined the evolution of its institutions.

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

scholarly journals THE EUROPEAN MONETARY SYSTEM: CREDIBLE AT LAST?

1992 ◽  
Vol 44 (4) ◽  
pp. 791-816 ◽  
Author(s):  
JEFFREY FRANKEL ◽  
STEVEN PHILLIPS
Keyword(s):  
European Monetary System ◽  
European Monetary ◽  
Monetary System
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