Italy and the 1992 Crisis of the European Monetary System

Roberto Di Quirico

First

2023-01-01

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Abstract

The 1992–93 EMS crisis in Italy was a balance of payment crisis culminating in a currency crisis as well as a structural crisis, resulting from membership in communitarian agreements for a common monetary policy. In addition, the 1992–93 crisis redefined the position of the Italian economy in the EU context, undermining the credibility of the Italian government commitment to respecting European agreements.