Abstract
Dealing with the functioning and the future of European monetary arrange-ments under the heading of the European Monetary System (EMS) is jus-tified by the enlarged scope of the System. Though the Resolution of the European Council of December 5,1978 already covered the basic elements of the existing monetary arrangements, the successive proposals for a strengthening of the System which have been examined thereafter by the monetary authorities have added to it new areas such as the private ECU and liberalization of capital transactions within the Community. Whereas the founding fathers of the EMS took care not to mention a European Monetary Union as an explicit aim of the System, this objective is now accepted — albeit at a different degree of conviction — as the logical outcome of a dynamic development process of the EMS.
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© 1988 by Martinus Nijhoff Publishers, Dordrecht
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Rey, J.J., Michielsen, J. (1988). European monetary arrangements: their functioning and future. In: Fair, D.E., de Boissieu, C. (eds) International Monetary and Financial Integration — The European Dimension. Financial and Monetary Policy Studies, vol 14. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-3651-5_7
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DOI: https://doi.org/10.1007/978-94-009-3651-5_7
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-8133-7
Online ISBN: 978-94-009-3651-5
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