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Reforming the European Monetary System |
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| Authors: | Manfred J. M. Neumann |
| Affiliation: | 1. University of Bonn, Germany |
| Abstract: | The extreme widening of the exchange rate margins last summer has transformed the EMS from a multilateral fixed rate system into a system of unilateral exchange rate pegging. Professor Neumann characterises the current state of the EMS, outlines the major defects of the system and makes some proposals for reform. |
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