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The views expressed here are our own and should not be interpreted as representing those of the International Monetary Fund.
The countries chosen were Belgium, Denmark, France, Ireland, Italy, Federal Republic of Germany, Netherlands, Austria, Spain, Sweden, Switzerland, United Kingdom, Australia, Canada, Japan, and the United States.
The term “EMS country” refers here to all countries participating in the exchange rate mechanism of the EMS (i.e., the first seven countries listed in footnote 1 of the previous page) plus Austria, which pegs its exchange rate to the deutsche mark. Other EC countries not participating in the exchange rate mechanism of the EMS though being a member of the system (i.e. Spain and the United Kingdom) have been classified as non-EMS countries.