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1 European University Institute Conference November 16-17, 1979: The Political Economy of the European Monetary System - Its Impact on European Integration and US-Euro- pean Relations. The John Hopkins University Bologna Center, School of Advanced International Studies. 2 Vgl. hierzu: Ansprache Bundeskanzler Helmut Schmidt auf der Jahresversammlung des Verbandes affentlicher Banken am 27. Oktober 1978 in Berlin, in: Deutsche Bundesbank, Ausziige aus Presseartikeln, Nr. 87, 1978, S. 8 u. 9; H. WILLGERODT, Europaische Wah- rungsunion - Schein und Wirklichkeit, in: Wirtschaftspolitische Chronik, Jg. 27, H. 2, Mai 1978, S. 81-92. 3 Ober diese Phase urteilt HENRY C. WALLICH aus amerikanischer Sicht im nachhinein wie folgt: Interventions in exchange markets will not succeed if it runs counter to funda- mental economic developments. That has been proved abundantly by the failure, in 1977 and the first part of 1978, of the efforts of central banks to stem the decline of the dollar . (The International Monetary and Cyclical Situation, Remarks at a meeting sponsored by the Landeszentralbank in Berlin, Monday, June 18, 1978). 4 Vgl. Sachverstandigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, Wachstum und Wahrung, Jahresgutachten 1978/79, Stuttgart und Mainz 1978, S. 151ff. 5 Vgl. hierzu: Die D-Mark als internationale Anlagewahrung, in: Monatsberichte der Deutschen Bundesbank, 31. Jg., Heft 11, Frankfurt Nov. 1979, S. 26-34. 6 1m Deutschen Bundestag am 8. 4. 1976.
