Europejski System Walutowy - struktura i mechanizm jego działania

Abstract

The article is an attempt to evaluate the European Monetary System after twelve years of its operation. The starting point for the analysis is the genesis of the system. Next, there are discussed goals and principles on which its operation is based. This is followed by the presentation of its elements such as ECU - a common monetary unit which is Its axis, the currency exchange-intervention mechanism, the indicator of divergence, and the credit mechanism. The next part pf the article deals with the past operation of the European Monetary System. This part of the analysis allowed to show some shortcomings of the system and emphasis its main achievements. It is stressed that changes In currency exchange rates within the framework of the European Monetary System were not too frequent and in this respect the goal of the system was fully achieved. On the other hand, the European Monetary System failed to create mechanism cushioning internal disturbances resulting from fluctuations in the dollar exchange rate. Similarly to the currency exchange-intervention mechanism the common monetary unit-ECU proved also to be a great success. Other positive elements of the system Include the adoption of economic policies pursued by particular countries belonging to the system. On the other hand, the credit mechanism constituting one of the main elements of the system has not been fully realised. Despite many positive elements in the operation of the European Monetary Fund their existence In the present form may be questionable once the European Community is transformed into a monetary union.