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. Contrary to the experience of other member coun- tries, EMS membership thus did not have an observable effect on inflation in Spain. See Ana Revenga, Credibility and Inflation Persistence in the EMS, Bank of Spain Working Paper no. 9321 (Madrid, 1993). FROM MESO TO MACRO 173 ERM band. Yet it was believed that to redress this situation by allowing a cut in interest rates would be to compromise the central bank's anti- inflation stance at home. For a relatively high-inflation country such as Spain, ERM membership thus suddenly appeared to conflict with domestic