Abstract
The breakdown of the Bretton Woods regime and the shift to floating exchange rates in 1973 was a response to changing circumstances and policy behaviour due to real shocks and inflationary pressures. Experience with flexible exchange rates reveals a number of weaknesses for which the new system cannot be blamed entirely — and there is a growing clamour for exchange rate stability and even for a more systemic reform of the existing international monetary regime.
I gratefully acknowledge the helpful comments and suggestions from Daniel Hardy and the constructive criticism of the participants of the Symposium.
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Wegner, M. (1989). The European Monetary System: A Regional Bretton Woods or an Institutional Innovation?. In: Vosgerau, HJ. (eds) New Institutional Arrangements for the World Economy. Studies in International Economics and Institutions. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-83647-3_6
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DOI: https://doi.org/10.1007/978-3-642-83647-3_6
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