The negotiations which led to the creation of the European Monetary System thirty years ago can shed light on the Eurozone’s current crisis
The EMS, created in 1979, is part of the prehistory of the euro: it was a first concrete attempt at organising the European Union’s – that was still then the European Economic Community (EEC) – currency relations. And the discussions that took place then bear a striking resemblance to our current predicament.
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