By Willem H. Buiter
Why was once the eu financial procedure in 1992-93 swept by way of waves of disruptive speculative assaults? And what classes emerged from that episode as regards the way forward for the ecu financial Union? This ebook offers a finished review of the factors and implications of the 1992-93 challenge of the alternate price mechanism. Cogent actual presentation, unique theoretical research, and an interpretation rooted in thought, make this remedy through 3 top economists crucial studying to appreciate the method towards financial and political integration in Europe.
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Extra resources for Financial Markets and European Monetary Cooperation: The Lessons of the 1992-93 Exchange Rate Mechanism Crisis (Japan-US Center UFJ Bank Monographs on International Financial Markets)
Moreover, there are reasons to believe that the active pursuit of these debt and deficit targets in the years leading up to EMU could actually be harmful, by imparting a contractionary bias to the Community-wide level of economic activity. Finally, these criteria could easily be misused for politically motivated inclusion in (or exclusion from) the Union. 3 A transition with national monetary sovereignty and free capital mobility When the Treaty was signed, Stage I had already begun with the removal of capital controls in 1990.
Technically, a revaluation of the D-mark could have resolved the German dilemma, at least for a while,4 without destroying the exchange rate regime. The inflation-prone European nations had used discrete devaluations of their currencies to correct balance of payments disequilibria without leaving the Bretton Woods system; the 14% devaluation of the pound sterling in 1967 is the most striking example. 3. Economic Report of the President (1971, p. 73). 4. A US inflation rate persistently in excess of the domestic inflation rate desired by the German authorities would have required repeated D-mark revaluations or a crawling peg.
See Thygesen (1979). 24 2 Exchange rate stability in Europe: A historical perspective Soon after the implementation of the Snake by the six EEC countries in April 1972, the system was joined by the United Kingdom, Ireland, Denmark, and Norway. However, the fragility of the Snake was apparent: UK membership in the system lasted only eight weeks, during which the pound was hit by heavy speculative attacks and a large capital outflow forced the Italian lira out in February 1973. Moreover, as the US authorities had made clear that they would no longer intervene in the foreign exchange markets to support their currency, unilaterally pegging to the dollar appeared neither viable nor desirable.