International and European Monetary Law

Abstract

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Monetary and financial integration of states: Eurasian regional perspective

“…In Western Europe, the transition to a single currency lasted for several decades (Herrmann, Dornacher, 2017). Th e main goal of European monetary integration was to provide a system of multilateral settlements, because economic ties in Europe have always been multilateral, and national economies are closely interrelated.…”

The Development of International Economic and Monetary Cooperation in Europe

“…Thus, the exchange rates of the European Community member states should move against the dollar in the expanded fluctuation band against the dollar, in sort of dollar tunnel of 4.5%, while the exchange rates of the national currencies constituted a "snake", whose width was 2.25%. In addition, the Netherlands, together with Belgium, narrowed the fluctuation band of their currencies to ±0.75% from the base parity, creating a "worm within the snake tunnel" (Herrmann, 2017). On a related note, in 1973 all major currencies set a floating exchange rate against the dollar, which meant the end of the Bretton Woods system (since the dollar snake did not work well, in the economic situation, some currencies could not maintain stability and the snake left) (Szász, 1999).…”