Imagine that the EMS had become a monetary union with a single currency but that it created
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Imagine that the EMS had become a monetary union with a single currency but that it created no European Central Bank to manage this currency. Instead, imagine that the task had been left to the various national central banks, each of which was allowed to issue as much of the European currency as it liked and to conduct open-market operations. What problems can you see arising from such a scheme?
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Related Book For
International Economics Theory & Policy
ISBN: 9780138002121
8th Edition
Authors: Paul R Krugman, Maurice Obstfeld
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