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Of The European ì

Monetary System: A Review Of The Literature," Bank of England ì

Quarterly Bulletin, 37 (1991): 73-82.

Greece, Portugal, and Spain also became members of the EMS. Of ì

these three countries, however, only Spain participates in the ì

ERM--Spain's ERM participation began in June 1989. ì

There were two major reasons why the British delayed the ì

beginning of their participation in the ERM.{ 

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