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Putting European Monetary Integration into a Historical Perspective: Two Decades of the European Monetary System versus Two Decades of the European Monetary Union

Author

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  • Fendel Ralf

    (Economics, WHU – Otto Beisheim School of Management, Burgplatz 2, Vallendar56179, Germany)

  • Frenkel Michael

    (Economics, WHU – Otto Beisheim School of Management, Burgplatz 2, Vallendar56179, Germany)

Abstract

This comparative study looks at broad economic developments during the 20 years of the European Monetary Union (EMU) and 20 years of the European Monetary System (EMS). We analyze the economic performance by looking at a set of macroeconomic variables. The analysis of macroeconomic performance includes two perspectives: one is internal, i. e. how did the countries perform relative to each other; the other is external, i. e. how did the group of member countries perform vis-à-vis other countries. Overall, the analysis of the two periods suggest that the EMU does not display a macroeconomic development inferior to the EMS period. On the contrary, some crucial macroeconomic indicators point to a greater stability during the EMU period compared to the EMS period.

Suggested Citation

  • Fendel Ralf & Frenkel Michael, 2019. "Putting European Monetary Integration into a Historical Perspective: Two Decades of the European Monetary System versus Two Decades of the European Monetary Union," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 239(5-6), pages 769-795, October.
    • Handle: RePEc:jns:jbstat:v:239:y:2019:i:5-6:p:769-795:n:5
    DOI: 10.1515/jbnst-2018-0097
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    More about this item

    Keywords

    European monetary integration; European Monetary System (EMS); European Monetary Union (EMU);
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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