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Product Description The tensions which periodically surfaced within the European Monetary Systemn and which exploded in the 19923 ERM crisis do not demonstrate that the thorny issue of the coordination of monetary policies is obsolete, but they do show the difficulty of identifying and implementing effectiveschemes of monetary coordination. This book proposes a innovative perspective on the issue of improving monetary integration, written from the privileged viewpoint of central bank experience. After reviewing the ERM experience and the importance of the system's symmetry in shaping its evolution,the authors identify the economic conditions udnerlying the choice of the optimal scheme of monetary coordination under an exchange rate agreement. Their empirical findings support the case for the adoption of a scheme which relies on the control of areawide money supply. About the Author Carlo Monticelli is the Head of the Exchange Rates and International Finance Section of the Research Department of the Bank of Italy.
⚠️ WARNING (California Proposition 65):
This product may contain chemicals known to the State of California to cause cancer,
birth defects, or other reproductive harm.
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