Summary of The EMS Crisis of the 1990s

Parallels with the Present Crisis?

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The EMS Crisis of the 1990s summary
Was the European economy really different in the days of the deutsche mark, the peseta and the lira?

Rating

7 Overall

7 Importance

8 Innovation

7 Style

Recommendation

While its dramatic crisis is long past, the euro zone has yet to return to healthy growth. It’s enough to make you feel nostalgic for the days of the deutsche mark, the lira and the peseta. Yet the 1990s European Monetary System (EMS) crisis offers interesting parallels with current issues and points to valuable lessons for EU policy makers today. getAbstract recommends this thoughtful reminder of how the more things change, the more they stay the same.

In this summary, you will learn

  • Why the European Monetary System (EMS) collapsed in turmoil in the 1990s
  • Why the European Monetary Union failed to prevent another crisis
  • What policy makers should learn from the EMS and the euro disasters
 

Summary

In the 1990s, European monetary integration suffered a serious setback when speculative attacks on currencies within the European Monetary System (EMS) led to its demise. Though the EMS’s successor, the Economic and Monetary Union (EMU), strove to fix the EMS’s major flaws, the euro crisis nevertheless...
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About the Author

Daniel Gros is the director of the Centre for European Policy Studies in Brussels.


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