Mikroprozessoren — heute, morgen und übermorgen

Ungerer, Theo

doi:10.1007/978-3-663-12412-2_8

Cited by 1 publication

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“…In fact, the changes in EMS rules in 1987 (the Basle-Nyborg Agreements) were a response to the asymmetry allegation and aimed at enabling the EMS to cope with problems experienced by weak currency countries without sacrificing the stability of the system. 36) Thus, relatively weak countries could have chosen to ameliorate asymmetry within the EMS rules without moving toward EMU. Ⅲ…”

Section: The Voice Opportunity Hypothesismentioning

confidence: 99%

Adaptational Pressure, Domestic Politics and the Evolution of the European Monetary System

Bai

2009

kjir

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Extant literature on EMU fails to explain why European countries chose it at the expense of other alternatives that might have been equally promising. I argue in this article that the transition to EMU was facilitated by the factors associated with the paradoxical nature of the successful EMS: adaptational pressure and domestic political conflicts. Adaptational pressure refers to the increasing vulnerability to monetary policy differentials within EMS. The EMS could be successful due to the policy convergence on disinflation. Yet, this convergence rendered member countries more vulnerable to monetary policy differentials within the EMS. The EMU was envisioned as a solution to the rising costs of policy adaptation that was brought about by the successful EMS. Against this backdrop, domestic political actors were sharply divided over the appropriate monetary policies. Those political actors who committed themselves to domestic price stability found in the EMU a vincolo esterno (external tie) to engineer otherwise elusive domestic reform.

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Section: The Voice Opportunity Hypothesismentioning

confidence: 99%

Adaptational Pressure, Domestic Politics and the Evolution of the European Monetary System

Bai

2009

kjir

View full text Add to dashboard Cite

show abstract

Mikroprozessoren — heute, morgen und übermorgen

Cited by 1 publication

References 19 publications

Adaptational Pressure, Domestic Politics and the Evolution of the European Monetary System

Adaptational Pressure, Domestic Politics and the Evolution of the European Monetary System

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