Front Matter

Front Matter

International Monetary Fund
Published Date:
November 1990
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    © 1990 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    The European monetary system: developments and perspectives / by Horst Ungerer … [et al.].

    p. cm.—(Occasional paper ; no. 73)

    Includes bibliographical references.

    ISBN 9781557751720

    1. Money—European Economic Community countries. 2. Monetary policy—European Economic Community countries. I. Ungerer, Horst. II. Series: Occasional paper (International Monetary Fund) ; no. 73.

    HG930.5E86855 1990 90-21709

    332.4’94—dc20 CIP

    Price: US$10.00

    (US$7.50 university faculty members and students)

    Please send orders to:

    External Relations Department, Publication Services

    International Monetary Fund, Washington, D.C. 20431

    Tel: (202) 623-7430 Telefax: (202) 623-7201


    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.


    On March 13, 1991 it will be twelve years since the European Monetary System (EMS) came into operation. Two earlier studies on EMS developments up to 1986 discussed the background and basic features of the system, reviewed its institutional evolution and exchange market developments, and provided an empirical analysis of exchange rate variability and the convergence of key economic variables (see Ungerer, Evans, and Nyberg (1983) and Ungerer and others (1986)). This study updates and complements those papers. In addition, it surveys financial integration in the European Community (EC) and the present debate about monetary integration, with particular attention to the proposals of the Delors Committee on Economic and Monetary Union.

    Events and developments are generally covered through July 1990, but recent events of special interest have been taken into account. Statistical information as a rule includes the year 1989. Literature about the EMS and monetary integration has grown rapidly over the last several years. In this study, reference can only be made to selected samples (for literature up to 1986, see the bibliography of Deville (1986)).

    No attempt has been made in this study to assess developments in Central and Eastern Europe since 1989 (including German unification) and their possible implications for the process of financial and monetary integration in the EC. Although over time the political and economic consequences of these events may be quite significant, analysis of them would go beyond the scope of this study. Similarly, the efforts to create a European Economic Space (EES), which would bring the economies of the EC and the European Free Trade Area (EFTA) countries closer together, are not discussed here. Interested readers may want to refer to Occasional Paper No. 74, The Impact of the European Community’s Internal Market on the EFTA.

    This study was prepared by the European Department. Its authors are grateful for helpful comments from colleagues inside and outside the department; special thanks are due to Garry J. Schinasi, who provided the chronology in Appendix III. The authors gratefully acknowledge editorial assistance by Elin Knotter of the External Relations Department, research assistance by Behrouz Guerami and Maha Amad, and secretarial support, in particular by Mary Riegel. They bear sole responsibility for any remaining errors. The views expressed do not necessarily reflect those of the IMF.

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