Prospects for the European Monetary System

The EMS, the Single Market and monetary union - an overview, Piero Ferri. Part 1 Nature of the EMS: the EMS and other international monetary regimes compared, Marcello de Cecco; the EMS - lessons from Europe and perspectives in Europe, Francesco Giavazzi. Part 2 The EMS and real adjustments: real exchange rates and trade imbalances in the EMS, Stefano Vona; the EMS and international transmission mechanism, Jean Paul Fitoussi and Jacques le Cacheux. Part 3 The EMS and the impact of the Single market: the EMS and the completion of the internal market, Pippo Ranci; divergent European labour markets, David Metcalf. Part 4 The EMS and liberalization of capital movements: liberalization of capital movements, Paul de Grauwe; financial liberalization and exchange rate policy in the newly integrating countries of the European Community, Jorge Braga de Macedo. Part 5 Problems and perspectives: the EMS ten years on - problems and perspectives, Rainer S.Masera; macroeconomic policy coordination and the European Monetary System, Richard Portes; the EMS, the dollar and thE world economy, Jan A.Kregel.