By Michael D. Bordo, Barry Eichengreen
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Extra resources for A Retrospective on the Bretton Woods system
Eventually the EMS would increase the interdependence of European countries by providing a tool for exchange rate stabilisation and for encouraging convergence of economic and monetary policies (Kondonassis and Malliaris, 1994, pp. 295–6). It was described as ‘a fundamental component of a more comprehensive strategy aimed at lasting growth with stability, a progressive return to full employment, the harmonization of living standards and the lessening of regional disparities’ (Jovanovic, 1997). 22 The euro The EMS was implemented by agreement between central banks of the Community, which implied that the CCBG became the routine management agency for intervention within the ERM.
However, the final liquidity effects need not be symmetric. Central banks sterilise foreign exchange interventions and the EMS does not legislate in this respect. This gives rise to asymmetry because hard-currency countries find it easier to secure the large amounts of foreign currency required to engage in sterilised intervention than weak-currency countries. Asymmetry in the system was aggravated further by two other factors: intramarginal intervention which far exceeded formal obligatory intervention, and the lack of a common policy toward the dollar.
Spain, France, Luxembourg and Austria had national legislation ready which when enacted at the date of the establishment of the ECB met this criterion. Greece is another country with relevant national legislation which is compatible with this criterion. 3 Yes Yes Yes Yes(h) No No Notes: *, **, *** = first, second and third best performer in terms of price stability. # = general government deficit not exceeding 3% of GDP; general government gross debt not exceeding 60% of GDP. (a) Annual percentage changes; HICP is the harmonised index of consumer prices.
A Retrospective on the Bretton Woods system by Michael D. Bordo, Barry Eichengreen