The system of so-called Divergence Indicators in the European Monetary System puts pressure on the monetary authorities to consult before the intervention points are reached in the foreign exchange markets. Under integration aspects this arrangement marks an advance, but it also carries risks...

Critics of the EMS claim that it has failed to realise the hopes aroused at the time of its inception; a convergence of economic policies, they maintain, has not been induced by fixed exchange rates. What is the true position with regard to the convergence of economic policies?

The none too firmly established position of the IMF with regard to the realization of the objectives of its Articles of Agreement has been additionally impaired by the establishment of the European Monetary System. From an international point of view a revision of the present EMS concept would...

The liberalisation of capital movements and the creation of a market without internal frontiers within the European Community have far-reaching consequences for the European Monetary System. Sr. Wolfgang Schröder analyses the opportunities and risks associated with these developments.

On December 4/5, 1978 the heads of states and governments of the EC-member states are meeting in order to take decisions on the new European Monetary System agreed on at their Bremen summit. The problems of monetary integration in Europe are discussed in this article.

Perhaps the single most tangible symbol of the European Union is its single currency, the euro. Within the European Economic and Monetary Union, it was seen as a tool to ensure that European integration would be truly irreversible. However, the euro has also contributed to cleavages and...