Towards a new European Monetary System – Not the solution to everything, but better than the status quo
- Published: Sunday, 11 December 2016 23:03
- Written by Martin Höpner
The European Monetary System (EMS) that existed between 1979 and 1998 attracts increasing attention among those who oppose the European austerity regime. A discretionary exchange rate regime such as the EMS would better fit to Europe’s heterogeneous economic conditions than the Euro does, but it would surely not eliminate all transnational tensions within today’s Eurozone.