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| Author: | Cobham, D. |
| Title: | Causes and effects of the European monetary crises of 1992-93 |
| Journal: | Journal of Common Market Studies
1996 : DEC, VOL. 34:4, p. 585-604 |
| Index terms: | CAUSALITY CRISES EUROPE |
| Language: | eng |
| Abstract: | The crises of the European Monetary System (EMS) between September 1992 and July-August 1993 disrupted what previously appeared to be steady progress towards Economic and Monetary Union (EMU) and revived the question of how EMU should be attained. This article reviews the alternative explanations which have been offered of the causes of those crises, and considers their implications for the Delors-Maastricht path to EMU. It does not address each currency or each critical episode separately, but follows the literature in ascribing particular importance to the exit of sterling from Exchange Rate Mechanism in September 1992 and the crisis over the French franc in July 1993. |
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