G2TT
来源类型Discussion paper
规范类型论文
来源IDDP245
DP245 The European Monetary System and the Franc-Mark Asymmetry
Gilles Oudiz; Jacques MELITZ; Daniel Cohen
发表日期1988-06-01
出版年1988
语种英语
摘要What purpose does the European Monetary System serve? Who benefits from it? Is it a Deutschmark zone? Or could one argue that, despite the asymmetrical positions of France and Germany, the System does serve a certain collective interest? An attempt to answer these questions reveals a basic paradox in the System: the operation of the EMS tends to undermine its own raison d'etre. In its present form, the EMS relies on superior monetary discipline in Germany, but this breeds monetary discipline elsewhere and therefore lessens the need of other members to lean on Germany for this advantage. The EMS will therefore need to evolve if it is to remain viable. The lines of possible evolution include a movement towards monetary union. The consequences for fiscal policy are particularly important.
主题International Macroeconomics
关键词European monetary system Fiscal policy International cooperation Monetary discipline
URLhttps://cepr.org/publications/dp245
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529403
推荐引用方式
GB/T 7714
Gilles Oudiz,Jacques MELITZ,Daniel Cohen. DP245 The European Monetary System and the Franc-Mark Asymmetry. 1988.
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