The European Monetary System

William J. Stewart, David N. F. Bell (Editor)

Research output: Contribution to journalArticle

Abstract

The goal of economic and monetary union has always been implicit in the Treaty
of Rome. Whilst substantial progress was made in the early years with regard to the removal of tariff barriers and the setting up of a Common Agricultural Policy,
little attention was paid to the development of monetary integration. This was changed with the presentation of the Barre Plan in 1969 and the publication of the Werner Report in 1970 which recommended the attainment of monetary integration by 1980 and set out the steps by which this was to be achieved. The requirements for monetary integration were clearly spelled out including; a system of irrevocably fixed exchange rates, or preferably a single Community
currency; unified monetary policy conducted by a single monetary authority; a single exchange rate against other countries with Community control over the
exchange rate and international reserves; a unified capital market; a Community regional policy and major fiscal policies to be decided at Community level. In the economic sphere the expectation was that this would lead to a simplification of the profit maximising calculations of producers resulting in a more efficient allocation of resources through the integrated markets for goods and factors, both capital and labour. This paper explores some of the issues to be confronted with the implementation of economic and monetary union.
LanguageEnglish
Pages39-45
Number of pages7
JournalQuarterly Economic Commentary
Volume4
Issue number3
Publication statusPublished - Jan 1979

Fingerprint

European Monetary System
Monetary integration
Economic and monetary union
Efficient allocation
Labor
Economics
Fixed exchange rates
Tariffs
Resources
Common agricultural policy
Monetary policy
Factors
Capital markets
Exchange rates
Regional policy
International reserves
Integrated
Fiscal policy
Profit
Authority

Keywords

  • European Monetary System
  • EMS
  • European monetary union
  • EEC
  • single currency
  • common market

Cite this

Stewart, W. J., & Bell, D. N. F. (Ed.) (1979). The European Monetary System. Quarterly Economic Commentary, 4(3), 39-45.
Stewart, William J. ; Bell, David N. F. (Editor). / The European Monetary System. In: Quarterly Economic Commentary. 1979 ; Vol. 4, No. 3. pp. 39-45.
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Stewart, WJ & Bell, DNF (ed.) 1979, 'The European Monetary System' Quarterly Economic Commentary, vol. 4, no. 3, pp. 39-45.

The European Monetary System. / Stewart, William J.; Bell, David N. F. (Editor).

In: Quarterly Economic Commentary, Vol. 4, No. 3, 01.1979, p. 39-45.

Research output: Contribution to journalArticle

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Stewart WJ, Bell DNF, (ed.). The European Monetary System. Quarterly Economic Commentary. 1979 Jan;4(3):39-45.