Jump to ContentJump to Main Navigation
Rush to UnionUnderstanding the European Federal Bargain$
Users without a subscription are not able to see the full content.

David McKay

Print publication date: 1996

Print ISBN-13: 9780198280583

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198280583.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 October 2020

Aftermath, 1992 and 1993

Aftermath, 1992 and 1993

(p.101) 5 Aftermath, 1992 and 1993
Rush to Union

David McKay

Oxford University Press

This chapter examines the potential anomalies in the European Monetary System (EMS) and the experiences of countries affected by the exchange rate crisis of 1992 and 1993. It argues that the economic and political sacrifices endured by Nordic countries, Great Britain, Italy, Spain, and France during the crisis can only be understood in the context of the federal bargain concluded with the signing of the Maastricht Treaty. The chapter suggests that the most remarkable feature of the currency crisis was the degree of consensus across political parties that there was no alternative but to defend exchange rate parities.

Keywords:   European Monetary System, exchange rate crisis, economics, currency crisis, Maastricht Treaty

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .