“…In particular, they find that although Germany influences some members' short-term interest rates significantly, like those of France and the Netherlands, other countries' rates reveal a much smaller impact from German interest rates. Other studies, by contrast, found an overwhelming role of Germany in the conduct of monetary policy (e.g., Artus, Avouyi-Dovi, Bleuse, & Lecointe, 1991;Gebauer, Mueller, Schmidt, Thiel, & Worms, 1994;Karfakis & Moschos, 1990;Katsimbris & Miller, 1993;Weber, 1991). These authors concluded that Germany played a pivotal role within EMS in setting, unidirectionally, the system's monetary policy.…”