TY - JOUR AU - BINI SMAGHI, L. PY - 2013/10/17 Y2 - 2024/03/28 TI - Fiscal prerequisites for further monetary convergence in the EMS JF - PSL Quarterly Review JA - PSL QR VL - 42 IS - 169 SE - Editorial DO - 10.13133/2037-3643/10844 UR - https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/10844 SP - AB - <p class="FreeForm">The EMS was established as part of a comprehensive strategy to achieve economic stability throughout the EC, based on convergence through the elimination of regional disparities. To date, monetary convergence has been achieved but fiscal divergence remains a feature of Europe as sovereign states follow sovereign policies. This paper develops a model to examine the dynamic interactions between exporters and domestic producers, taking account of exchange rate changes, and warns that the problem of fiscal imbalance must be addressed.</p><p class="FreeForm"> </p><p class="FreeForm">JEL: F15, F36</p> ER -