Jump to ContentJump to Main Navigation
A Europe Made of MoneyThe Emergence of the European Monetary System$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM Cornell University Press SCHOLARSHIP ONLINE (www.cornell.universitypressscholarship.com). (c) Copyright University of Cornell University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in Cornell for personal use. date: 28 September 2021

A False Start, October 1978–March 1979

A False Start, October 1978–March 1979

(p.228) 8 A False Start, October 1978–March 1979
A Europe Made of Money

Emmanuel Mourlon-Druol

Cornell University Press

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

Cornell Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.