The Concept of monetary union and the European Monetary System
Author(s)
Advisor
Çapoğlu, GökhanDate
1989Publisher
Bilkent University
Language
English
Type
ThesisItem Usage Stats
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Abstract
This research analyzes the concept of the monetary
union and the European Monetary System (ENS). It consists of
three parts.
The first part starts by covering the concept of monetary
union and the theoretical conditions that may contribute to the
success of a monetary union, and ends by defining the EMS
studying the motives for its development.
The second part studies the functioning of the ENS from
a technical point of view. It does this by dealing with the
exchange rate and intervention mechanism, the European
Currency Unit (ECU), and the existing credit mechanisms.
The third part of this research tries to evaluate the
perfomance of the EMS. Firstly, it studies the stability of
exchange rates as a first step in achieving a monetary union.
Next, it reviews the convergency of economic variables that
have either direct or indirect effect on the exchange rate
variability. Finally, this research lookes at the higher
growth and employment objectives of a monetary union through
increased intra—union trade