- International Monetary Fund
- Published Date:
- June 1989
© 1989 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
Folkerts-Landau, D. F. I. (David Fokke Ihno), 1949–
The European Monetary System in the context of the integration of European financial markets / by David Folkerts-Landau and Donald J. Mathieson.
p. cm.—(Occasional papers / International Monetary Fund: 66)
Includes bibliographical references.
1. European Monetary System (Organization) 2. Monetary policy—European Economic Community countries. 3. Finance—European Economic Community countries. I. Mathieson, Donald J. II. Title. III. Series: Occasional papers (International Monetary Fund): no. 66.
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- I. Introduction
- II. Institutional Structure and Historical Development of the EMS
- III. The “1992 Program” to Unify EC Financial Markets
- IV. Maintaining a Zone of Monetary Stability
- V. Implications for the International Monetary System and Other Countries
- VI. Summary
- Appendix: Glossary of Terms
- III. 1. Seigniorage in European Countries
- 2. Reserve Requirements in European Countries as of Mid-1988
- 3. Withholding Taxes in European Countries
- 4. Measures of Fiscal Stance in European Countries
- V. 5. Public Bond Issues Denominated in ECUs Since 1981
- Section III.
- 1. Prices of European Financial Services
The following symbols have been used throughout this paper:
- … to indicate that data are not available;
- — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- – between years or months (e.g., 1984–85 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
This study was prepared in the Financial Studies Division of the Researeh Department of the International Monetary Fund. Its authors are David Folkerts-Landau, Assistant Division Chief, and Donald J. Mathieson, Division Chief. The authors are especially indebted to Morris Goldstein, Deputy Director of the Research Department, for his support in the preparation of this study and many helpful substantive comments and editorial suggestions. In addition, the authors wish to express their gratitude to Alberto Giovannini and to Daniel Gros for helping to sort through the issues. A number of colleagues in the Research Department and the European Department greatly facilitated the preparation of this study by their willingness to exchange views and provide information. The paper was edited by Elin Knotter of the External Relations Department. The authors alone are responsible for the study; the opinions expressed are theirs and do not necessarily reflect the views of the Fund. The present study was completed in July 1989 and reflects developments up to that time.