September 2022 marked the thirtieth anniversary of the Exchange Rate Mechanism (ERM) crisis, a seismic event which shook the continent and caused a severe recession to spread rapidly across European economies. To mark the occasion, CEPR organised, in collaboration with the Pierre Werner Chair at the EUI, a two-part webinar to reflect on the potential lessons from the crisis. These insightful discussions led to the creation of this eBook, which brings together eminent scholars and CEPR researchers who witnessed first-hand the fallout, both economic and political, of countries in the European Union.

Many of the contributors have since been involved in managing, designing and debating the making of the European monetary system over the last three decades.