[eng] In this paper, we suggest that an irrevocable determination of exchange rates has both costs and benefits. The firsts are mainly the consequences of renouncing to use interest rates as a policy instrument. The benefits are a stronger credibility for monetary policy and the disappearance of...

[fre] L'article de Creel et Sterdyniak publié dans ce numéro critique le principe d'indépendance de la Banque centrale. Les auteurs ayant développé une analyse économique cohérente, il convient de se demander pourquoi ils sont arrivés à une conclusion strictement opposée à celle qui a...

[eng] The EMS : Achievements and Perspectives Daniel Gros, Niels Thygesen In the first part of this paper, we examine the past functioning of the EMS. We raise a number of issues concerning the contribution of the system to monetary stability, a major objective of European policies till now. We...