GRAUWE, Paul DE; Heens, Hilde - Institut de Recherche Économique et Sociale (IRES), … - 1993
In this paper we compare the interregional and international degree of real exchange rate variability of a number of EMS-countries. This allows us to gain insights into the costs of a monetary union. Our major conclusion is that a monetary union among all EMS members would be costly for some of...