The paper initially discusses monetary policies in the context of the wide margins introduced on 1 August 1993. The new President of the European Monetary Institute (EMI) has suggested that a number of stringent non-monetary conditions must be met before there can be a return to narrow margins....

The Member States of the European Union will have to face, over the next couple of years, the difficult issue of how to handle the relationship between those countries that are both willing and able to join the third stage of Economic and Monetary Union (EMU) and those countries that will remain...

The paper initially discusses monetary policies in the context of the wide margins introduced on 1 August 1993. The new President of the European Monetary Institute (EMI) has suggested that a number of stringent non-monetary conditions must be met before there can be a return to narrow margins....