List of figures

List of tables

Preface

1. Introduction Niels Thygesen

Part I. The International Environment: 2. The European Monetary System, the dollar and the yen Rudiger Dornbusch

Discussion Robert Triffin

Discussion Charles Wyplosz

Part II. Disinflation, External Adjustment and Cooperation: 3. Monetary discipline and cooperation in the European Monetary System: a synthesis Jacques Melitz

Discussion José

Vinals

4. The role of the exchange-rate regime in a disinflation: empirical evidence on the European Monetary System Francesco Giavazzi and Alberto Giovannini

Discussion William Branson

5. Inflation and the European Monetary System Susan M. Collins

Discussion Jean-Jacques Rey

6. Economic growth and exchange rates in the European Monetary System: their trade effects in a changing external environment Stefano Vona and Lorenzo Bini Smaghi

Discussion David Begg

Part III. Exchange Rates, Capital Mobility and Monetary Coordination: 7. Exchange rates, interest rates, capital controls and the European Monetary System: assessing the track record Michael J. Artis and Mark P. Taylor

Discussion Emil-Maria Claassen and Eric Peré

e

8. The stability and sustainability of the European Monetary System with perfect capital markets John Driffill

Discussion Daniel Gros

9. Competitiveness, realignment, and speculation: the role of financial markets Maurice Obstfeld

Discussion Marcus Miller

Discussion Herakles Polemarchakis

10. Interventions, sterilisation and monetary policy in European Monetary System countries, 1979-87 Cristina Mastropasqua, Stefano Micossi and Roberto Rinaldi

Discussion Wolfgang Rieke

11. Monetary policy coordination within the European Monetary System: is there a rule? Massimo Russo and Giuseppe Tullio

Discussion Lucas Papademos

Part IV. The Future of the European Monetary System: 12. The European Monetary System: a long-term view Tommaso Padoa-Schioppa

13. A new phase in the European Monetary System - exchange-rate constraint, capital liberalisation and policy coordination

a report of the conference panel discussion Lamberto Dini, Peter Kenen, Rainer Masera, Wolfgang Rieke, Luigi Spaventa and Jacques Waitzenegger

Index.