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, and
- What policy makers should learn from the EMS and the euro disasters.
About the Author
Daniel Gros is the director of the Centre for European Policy Studies in Brussels.