It is argued that not only hierarchies but also markets can be seen as modes of organization. Potential traders face the problem of choosing first a specific market organization before they start trading. Attention is focused on implicitly agreed upon market organizations. They are interpreted...

This paper starts with a brief description of the situation before the establishment of the European Monetary Union (EMU), i.e., the problems of the European Monetary System (EMS) which was established in 1979 and was in need of repair. The paper then deals with the various possibilities of...