A EUROMONEY SURVEY – MARCH 1996
Market Background
The tenacity with which Spain has held onto its place in the exchange rate mechanism of the European monetary system since it joined the mechanism in June 1989 is testament to the commitment of the authorities to convergence and integration with other economies in the ERM. All through the currency turmoil of the period between 1992 and 1993, Spain resisted leaving the ERM and has maintained its wide 6% bands around a central Ecu parity, although that parity has been devalued on four occasions since Spain joined the ERM.
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