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Das Europäische Währungssystem und die geldpolitische Koordination in Europa
Credit and Capital Markets – Kredit und Kapital, Vol. 21 (1988), Iss. 3 : pp. 317–345
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Dr. Peter Bofinger, Landeszentralbank, Postfach 10 60 21, 7000 Stuttgart
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Zum „Bericht zur Wirtschafts- und Währungsunion in der Europäischen Gemeinschaft“ des „Ausschusses zur Prüfung der Wirtschafts- und Währungsunion“
Bofinger, Peter
Credit and Capital Markets – Kredit und Kapital, Vol. 22 (1989), Iss. 3 P.429
https://doi.org/10.3790/ccm.22.3.429 [Citations: 0]
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Abstract
The European Monetary System and Monetary Policy Coordination in Europe
This study examines the process of monetary coordination in Europe under differential institutional framework conditions, i.e.
— the present EMS
— amodified EMS with reduced asymmetry in favour of strongcurrency countries
— an EMS with direct monetary policy coordination by Community institutions.
From the point of view of a really efficient system foundation the two latter variants turn out to be inferior to the present EMS. Truly symmetrical coordination of European monetary policies is thus impossible without the establishment of an autonomous central bank with an unambiguous commitment to stability.