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A Europe Made of MoneyThe Emergence of the European Monetary System$
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Emmanuel Mourlon-Druol

Print publication date: 2012

Print ISBN-13: 9780801450839

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801450839.001.0001

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A False Start, October 1978–March 1979

A False Start, October 1978–March 1979

Chapter:
(p.228) 8 A False Start, October 1978–March 1979
Source:
A Europe Made of Money
Author(s):

Emmanuel Mourlon-Druol

Publisher:
Cornell University Press
DOI:10.7591/cornell/9780801450839.003.0009

This chapter focuses on the end of the European Monetary System (EMS) negotiations and the launch of the new exchange rate system. The discussion covers the second and last phase of the negotiations, from the decision to adopt a Parity grid system until the entry into force of the EMS in March 1979. It first considers how the various negotiators involved decided on the functioning of the “Belgian compromise,” that is, how the divergence indicator would operate. It then examines the consequences of the agreement on the Parity grid system, along with the intensification of political contacts in order to win the participation in the EMS of the British, Irish, and Italian governments. It also comments on the end of the concurrent studies and the extent to which their deadlock had the potential to become an obstacle for the inception of the EMS as a whole. The chapter concludes by looking at the Brussels European Council and the delayed launch of the EMS.

Keywords:   exchange rate system, European Monetary System, negotiations, Belgian compromise, Parity grid system, concurrent studies, European Council, divergence indicator

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