La gestione del cambio nello SME con completa mobilità dei capitali
DOI:
https://doi.org/10.13133/2037-3651/10887Keywords:
International trade and balance of paymentsAbstract
This paper discusses the EMS in a number of sections. Section 1 examines the potential effects of full capital mobility on the sovereignty of national policy making. Section 2 looks at the history of exchange rate management (ERM) within the system to date, and Section 3 considers the role of monetary policy within the ERM. Sections 4 and 5 discuss the future viability of the system in terms of recent changes. In conclusion (Section 6) it is noted that the pressures of short-term capital flows, given free capital, will entail a further loss of monetary autonomy for member countries.
JEL Codes: F15
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