Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1988
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    © 1988 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    Policy coordination in the European monetary system.

    (Occasional paper, ISSN 0251-6365; no. 61)

    “September 1988.”

    Includes bibliographies.

    Contents: pt. 1. The European monetary system / by Manuel Guitián—pt. 2. Monetary coordination within the European monetary system / by Massimo Russo and Giuseppe Tullio.

    1. Money—European Economic Community countries. 2. European Monetary System (Organization) I. Tullio, Giuseppe, 1948–II. Guitián, Manuel. European monetary system. 1988. III. Russo, Massimo. Monetary coordination within the European monetary system. IV. Series: Occasional paper (International Monetary Fund); no. 61.

    HG925.P64 1988 332.4’5’094 88-8424

    ISBN 1-55775-028-9

    Price: US$7.50

    (US$4.50 university libraries, faculty members, and students)

    Address orders to:

    External Relations Department, Publication Services

    International Monetary Fund, Washington, D.C. 20431


    PART II Monetary Policy Coordination Within the European Monetary System: Is There a Rule?

    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 betweeen constituent figures and totals are due to rounding.


    By Eric de Souza, in collaboration with Giuseppe Tullio.

    Prefatory Note

    Part I of this Occasional Paper was prepared by Manuel Guitián, who would like to thank, without implicating, Thomas Mayer for his comments on an earlier draft and for his assistance in the preparation of the statistical and graphical materials. The paper was originally prepared for a seminar on “Spain and the European Monetary System,” sponsored by Ministerio de Economía y Hacienda and held in Madrid in December 1987. A Spanish version of the paper has been published in Información Comercial Española (Madrid), Núm. 657 (May 1988), pp. 31–55.

    Part II was prepared by Massimo Russo, Director of the Fund’s European Department, and Giuseppe Tullio, a member of the Research Department of the Bank of Italy. When the paper was initially written, the authors were, respectively, Director General, and Economic Adviser, Directorate General for Economic and Financial Affairs, Commission of the European Communities. Appendix II to this paper was written by Eric de Souza in collaboration with Giuseppe Tullio. The authors are indebted to Mr. Nouriel Roubini and to their colleagues in the Commission, the Fund, and the Bank of Italy for their comments. However, the conclusions reached are their own and do not necessarily reflect the views of their previous or current employers. Sara Kane of the External Relations Department edited the papers.

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