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Is It the Crisis to Blame?
Periodica Polytechnica Social and Management Sciences
The aim of this paper is to examine the European Monetary System (EMS) and its Exchange Rate Mechanism (ERM) regarded as the forerunner to European Monetary Union (EMU). It may contribute to understanding the nature and the operation of the monetary integration of the single currency area. The paper examines the reasons why the European Monetary System was formed in 1979, whether its crisis could have been avoided in the early 1990s and how the "new" ERM worked out. The ERM was succeeded by ERMdoi:10.3311/ppso.7427 fatcat:uylwjerqgvgn7p6jvm4dsnqut4