The EMS: Performance and Prospects

  • Norbert Walter


While there was almost unanimity among economists, politicians, and practitioners in the middle of the seventies — at least in so-called ‘strong’ countries — that a flexible cxchange-rate regime was an optimal solution for the time being, this consensus discontinued in the course of 1977 and 1978, when the US government repeatedly put pressure on European countries and Japan to reflate their economies and at the same time they were badly frustrated in their efforts to successfully do so because of the sustained depreciation of the dollar.


Exchange Rate Interest Rate Monetary Policy Central Bank Inflation Rate 
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Copyright information

© M. T. Sumner and G. Zis 1982

Authors and Affiliations

  • Norbert Walter

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