- Owen Evens, Thomas Mayer, Philip Young, and Horst Ungerer
- Published Date:
- December 1986
© 1986 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
The European monetary system.
(Occasional paper, ISSN 0251–6365; no. 48)
Prepared by H. Ungerer and others, of the European Department.
1. Money—European Economic Community Countries.
I. Ungerer, Horst. II. International Monetary Fund. European Department. III. Series: Occasional Paper (International Monetary Fund); no. 48. HG930.5.E86863 1986 332.4’5’094 86–21432
(US$4.50 university libraries, faculty members, and students)
Address orders to:
External Relations Department, Publications Unit
International Monetary Fund, Washington, D.C. 20431
The following symbols have been used throughout this paper:
… to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
– between years or months (e.g., 1984–85 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
This study reviews developments in the European Monetary System from the beginning of 1983 to August 1986; it updates and complements an earlier study prepared by staff members of the International Monetary Fund and published as Occasional Paper No. 19, which covered the time period from the inception of the European Monetary System to the end of 1982.
Like the earlier study, the present study limits itself to a discussion of the evolution of the system and of exchange rate developments and to an analysis of exchange rate variability and economic convergence. The authors are aware that there are other important issues that remain for future work. These include the role of exchange rate policy in fostering domestic economic adjustment, a more detailed analysis of the international competitiveness of EMS countries, and the evolution of the private ECU and its implications for the functioning and further development of the EMS.
Like Occasional Paper No. 19, this paper was prepared in the European Department. The authors benefited from a great number of helpful comments and suggestions made by colleagues in their own and other departments of the International Monetary Fund. Research assistance by Behrouz Guerami of the European Department and editorial help by David Driscoll of the External Relations Department are gratefully acknowledged. The views expressed in this paper represent those of the authors and not necessarily those of the Fund.