  The emerging system at the European level can be conceptualized as a pattern
of relations among member states that tends to be reproduced despite
disturbances in individual trajectories. The Markov property is used as an
indicator of systemness in the distribution. The individual trajectories of
nations participating in the European Monetary System is assessed using an
information theoretical model that is consistent with the Markov property in
the multivariate case. Economic and monetary integration are analyzed using
independent data sets. Increasing integration can be retrieved in both of these
dimensions, notably since the currency crises of 1992 and 1993. However, the
dynamics for countries which have strongly coupled their currency to the German
Mark are different from those which did not. Additionally, developments in
inflation and exchange rates at the European level are assessed in relation to
global developments.
