The European Monetary System (EMS) has, since its inception in
1979, provided a fascinating example of policy co-ordination in
practice. As concern about exchange-rate instability and global
economic imbalances has grown, both academic researchers and
policy-makers have looked to the EMS for lessons about co-operation
on a wider scale. This volume contains the papers and proceedings
of an October 1987 conference organised by the Centre for Economic
Policy Research in co-operation with the Banca d'Italia and the
Centro Interuniversitario di Studi Teorici per la Politica
Economica (STEP). The conference brought together distinguished
academics and practitioners from eleven European central banks. The
papers offer a timely summary of current research, while the
concluding panel discussion provides a valuable perspective on the
concerns of policy-makers. This will be the definitive publication
on the EMS for some years to come, and hence a basic reference for
anyone interested in the international monetary system and policy
co-ordination.
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