Prospects for the European Monetary System

1. Front Matter

   Pages i-xx

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2. Introduction

   1. Front Matter

      Pages 1-1

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   2. The EMS, the Single Market and Monetary Union: An Overview

      • Piero Ferri

      Pages 3-21

3. The Nature of the EMS

   1. Front Matter

      Pages 23-23

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   2. The EMS and other International Monetary Regimes Compared

      • Marcello de Cecco

      Pages 25-35

   3. The EMS: Lessons from Europe and Perspectives in Europe

      • Francesco Giavazzi

      Pages 36-55

4. The EMS and Real Adjustments

   1. Front Matter

      Pages 57-57

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   2. Real Exchange Rates and Trade Imbalances in the EMS

      • Stefano Vona

      Pages 59-89

   3. The EMS and International Transmission Mechanisms

      • Jean-Paul Fitoussi, Jacques Le Cacheux

      Pages 90-120

5. The EMS and the Impact of the Single Market

   1. Front Matter

      Pages 121-121

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   2. The EMS and the Completion of the Internal Market

      • Pippo Ranci

      Pages 123-134

   3. Divergent European Labour Markets

      • David Metcalf

      Pages 135-155

6. The EMS and Liberalisation of Capital Movements

   1. Front Matter

      Pages 157-157

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   2. The Liberalisation of Capital Movements and the EMS

      • Paul De Grauwe

      Pages 159-177

   3. Financial Liberalisation and Exchange Rate Policy in the Newly Integrating Countries of the European Community

      • Jorge Braga de Macedo

      Pages 178-194

7. Problems and Perspectives

   1. Front Matter

      Pages 195-195

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   2. The European Monetary System Ten Years On: Problems and Perspectives

      • Rainer S. Masera

      Pages 197-221

   3. Macroeconomic Policy Coordination and the European Monetary System

      • Richard Portes

      Pages 222-235

   4. The EMS, the Dollar and the World Economy

      • J. A. Kregel

      Pages 236-251

8. Back Matter

   Pages 252-260

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The papers in this volume were presented at a conference on "The EMS, Ten Years Later" at the University of Bergamo, Italy, May 1989. They look at the history of the EMS, the reasons underlying the successes attributed to it, the problems it created, and its future.

• economic policy
• European Community
• exchange rates
• Italy
• labor market
• macroeconomics
• monetary union

• University of Bergamo, Italy

  Piero Ferri

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