This collection investigates the underlying economic mechanisms that drive convergence or divergence in national inflation rates within the European Monetary System. The authors, including noted economists Giuseppe Tullio and Paul De Grauwe, utilize empirical data from the European Monetary System (EMS) to analyze the determinants of wage behavior and inflation. They present a framework that evaluates the sustainability of the exchange rate mechanism (ERM) and the influence of German monetary policy on the broader European economic landscape.

Experts recognize this work as a significant contribution to the study of European monetary integration and the structural challenges faced by the ERM. Readers frequently note the technical density of the prose, which serves as a specialized resource for students and practitioners of international macroeconomics.