Abstract
After a few introductory notes on the relation between production of value, productivity, economic crises, and inflation, this article submits a theory of exchange rates, revaluations, and devaluations in terms of tendential (and counter-tendential) international distribution of value both among individual countries and between the imperialist centre on the one hand and the dominated block on the other. This framework is then used to examine the process leading towards the EMU and the Euro and the conclusion is reached that, in spite of the different EMU countries' divergent interests, their common advantage is that the costs of this further step in the process of European integration will be paid by Europe's labour. Next, the relation between the DM and the Euro on the one hand and the US dollar on the other is clarified and the link is established with monetary crises. The 1994-95 crisis is then used as an illustration.
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