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The Unstable EMS

Barry J. Eichengreen, Charles Wyplosz
Published 1993 · Economics

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FROM THE STANDPOINT OF EUROPEAN MONETARY AFFAIRS, 1992 opened with a bang and closed with a whimper. In January, the European monetary system (EMS) celebrated five years of exchange rate stability: sixty full months without a realignment. The month before, the representatives of European Community (EC) member-states initialed the Treaty on Economic and Monetary Union concluded at Maastricht in the Netherlands. The transition to European monetary union (EMU) appeared to be fully underway. By the end of the year, the European monetary system had enduredindeed, was continuing to experience-the most severe crisis in its fourteen-year history. Two of ten currencies, the Italian lira and the British
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