Titlebook: One Money for Europe?; The Economics and Po Malcolm Crawford Book 1996 Malcolm Crawford 1996 exchange rates.monetary policy.monetary union.

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The Need for Convergencenvergence criteria since they reflect the extent to which certain aspects of economic behaviour are sufficiently similar across countries to enable those countries to participate in a monetary union, without rendering it unstable.

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The Exchange-Rate Mechanism: How it OperatesThe EMS, described in outline in Chapter 2, contains a number of features of which by far the most important is the ERM. Of the others, the following five are worth mentioning.

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