The exchange rate mechanism of the European monetary system

Quarterly Bulletin 1991 Q1
Published on 01 March 1991

This review, which follows an article on the mechanics of the exchange rate mechanism in the November Bulletin, assesses the academic literature to have emerged in recent years on the operation and performance of the exchange rate mechanism (ERM) of the European monetary system. It examines the evolution of some of the more important operational aspects of the ERM and considers the system's empirical performance in reducing the volatility of exchange rate movements and in fostering convergence of inflation and of other macroeconomic aggregates.

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