search query: @author Walters, A. Sir / total: 1
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| Author: | Walters, A. Sir |
| Title: | Europe - past imperfect. |
| Journal: | Economic Affairs
1993 : NOV-DEC, VOL. 14:1, p. 32-36 |
| Index terms: | EUROPE, WEST EXCHANGE RATES MONETARY POLICY |
| Language: | eng |
| Abstract: | Pegged exchange rates imply instability in domestic economies. The author is critical of pegged exchange rate regimes and shows how the recent history of the Exchange Rate Mechanism (ERM) has produced the antithesis of sensible domestic policies. Despite the merits of floating rates, governments do not like them. The ERM was set up to create a "sea of stability" in exchange rates, but it was used deliberately to promote "convergence" enroute to a monetary union of Europe. Author believes that ERM will be reconstituted in 1994 and with similar results to those which appeared in 1992/93. |
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