Revisiting the 1992–93 EMS Crisis in the Context of International Political Economy

This chapter revisits the sequence of events that led to the well-known 1992–93 crisis in the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) in the context of international political economy. The EMS was the forerunner of the eurozone and the crisis to some extent laid the foundation for the emergence of the subsequent institutional European framework. From this point of view, the 1992–93 crisis of the EMS was part of the long European movement towards economic and political integration.