Is the European Monetary System converging to integration?

The emerging system at the European level ran be conceptualized as a patter n of relations among member states that tend to be reproduced despite distu rbances in individual trajectories. The Markov property is used as an indic ator of systemness in the distribution. The individual trajectories of nati ons participating in the European Monetary System ave assessed using an inf ormation theoretical model that is consistent with the Markov property in t he multivariate case. Economic and monetary integration are analysed using independent data sets. Increasing integration can be retrieved in both of t hese dimensions, notably since the currency crises of 1992 and 1993. Howeve r, the dynamics for countries which have strongly coupled their currency to the German Mark are different from those which did not. Additionally, deve lopments in inflation and exchange rates at the European level are assessed in relation to global developments.