Abstract
The European Monetary System, which came into being on 13 March, 1979, clearly demonstrated — both in the Resolution of the Council of Ministers of 5 December 1978 — as well as in the mechanisms used in the System — fundamental economic and monetary aims which had been missing from its predecessor. Thus, the author discerns the following aims in the EMS:
-
(i)
a greater degree of convergence of the economies of the participating Member States,
-
(ii)
the adoption of a common public policy choice for these countries — more specifically — the control of levels of inflation — also aiming at convergence,
-
(iii)
exchange-rate stability,
-
(iv)
the promotion of a central role for the ECU, and,
-
(v)
hopefully some moves to a greater degree of integration among the Community’s Member States.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 1984 P. Coffey, Amsterdam
About this chapter
Cite this chapter
Coffey, P. (1984). The Mechanisms of the System. In: The European Monetary System — Past, Present and Future. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-3308-3_4
Download citation
DOI: https://doi.org/10.1007/978-94-017-3308-3_4
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-017-3310-6
Online ISBN: 978-94-017-3308-3
eBook Packages: Springer Book Archive