This book investigates the formation and evolution of the European Monetary System (EMS) and its implications for European economic integration. Drawing on extensive research and analysis, Ungerer details the complex interplay of political will, economic necessity, and institutional design that underpinned the EMS. The work examines the EMS's objectives, its operational mechanisms, and its role in fostering monetary cooperation among member states.

Horst Ungerer's "The European Monetary System" is recognized as a foundational text for understanding the early architecture of European monetary cooperation. Scholars and policymakers have cited its detailed examination of the EMS's operational framework and its historical context. The book provides a comprehensive overview of the system's design and its initial impact on member economies, making it a valuable resource for those studying European economic history and integration.