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The European MJnetary System (EMS) is perhaps the only success story of the Common Market since the First Enlargement. Its success, particul arly where the conmercial use of the EO] is concerned, has taken nost experts by surprise. So Irn. lch so, that when the author tried to recamEIld to his students a suitable and substantial w::rk of study and/or reference about the experience of the EMS and its possible future evolution --- no book could be found. Thus, the author set out to write the present w::rk. The author's aim is not to give a historical account of the EMS. Rather, the intention is to place the experience in a rrajor historical context wherein the System is seen an irrpJrtant transitional phase on the road to the ~lementation of a full economic and rronetary union (EMU). When examining the earlier plans for an EMU which Si3!N the light of day between 1969 and 1970 (already so long ago:) clear reasons emerge why the original six founder Member States of the EEx::: should have found it logical to embark upon the road to an EMU - "provided the political will to do so existed". Thus, they had beCOIre highly integrated and were conducting half their trade with each other. Then, there was the desire to integrate still further ---- eventually leading (perhaps) to a political union.
List of contents
List of Contents.- One: The Background to the European Monetary System.- 1: An Economic and Monetary Union: The earlier plans.- 2: The Experience of the "Snake" System.- Two: The European Monetary System.- 3: The Reasons for the System.- 4: The Mechanisms of the System.- 5: The System in Operation.- Three: The Future of the EMS: Technical Considerations.- 6: The Future Role of the ECU.- 7: The Convergence of National Economies.- 8: The Money Supply Question.- Four: The Future of the EMS: The Integration of Capital Markets and Banking Systems.- 9: A European Capital Market.- 10: A European Banking System.- Five: The Future of the EMS: Institutional Considerations.- 11: The Future European Monetary Fund.- Six: Other Countries.- 12: The United Kingdom.- 13: The New Member States.- Seven: Non-Community Countries.- 14: The United States of America, Japan, and Third World Countries.- Eight: The Future of the EMS - Towards an EMU?.- 15: Basic Considerations.- Conclusions.- Appendices.
About the author
Peter Coffey, a British national was until recently, Head of the Economics section at the Europa Instituut, University of Amsterdam. Presently he is Holder of the recently created U.S. West Chair at the Graduate School at the College of St. Thomas, Minnesota, USA. He has published many works on European and international economic and monetary problems. Professor Coffey, who speaks seven languages, has lectured in most countries of the EC, as well as in many other parts of the world.
