EC monetary integration was reinforced in the 1980s whenmacroeconomic convergence and a dominant role of the German Bundesbank created the basis for relatively stable exchangerates and increasing EC trade volumes. Reduced capitalcontrols and rising capital mobility as well as Germanunification caused shifts and shocks which undermined EMSstability in a critical period – the transition to EMU inaccord with the Maastricht Treaty which called for furtherincreasing monetary integration. The analysis focuses onthese issues, the EMS crisis of 1992/93, the topic ofoptimum currency areas and the problem of fiscalpolicies/regional stabilization in Europe, the US and Canada. This book gives an assessment of the EMSdevelopments and shows how financial market liberalizationas well as the EC 1992 project affect the process ofeconomic and monetary union.
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