Frieden IMPACT OF GOODS 205 Table 1 EU Currencies During the Snake and the EMS Country 1973-1978 1979.1993 [1979-1989] [1990-1993) 1973-1993 Average annual percentage depreciation of nominal exchange rates against the Deutsche Mark, select periods Hard currencies Belgium/ Luxembourg 0.72 2.0m 2.62 0.52 2.06 Denmark 4.24 2.43 3.10 0.81 2.94 Netherlands 1.13 0.26 0.35 -0.02 0.49 Intermediate currencies France 6.23 2.77 3.62 0.56 3.76 Ireland 11.83 3.14 3.13 2.68 5.46 Soft currencies Greece 9.68 14.18 14.85 11.14 13.56 Italy 11.52 5.34 4.53 7.40 8.11 Portugal 17.38 9.71 11.70 3.87 12.50 Spain 10.94 5.30 4.98 5.92 6.84 United Kingdom 11.83 2.69 2.42 2.79 5.20 Non-EU members Austria 0.22 0.26 -0.36 1.63 0.12 Finland 8.06 3.18 0.53 10.43 4.59 Norway 4.38 3.13 2.86 3.43 3.59 Sweden 7.20 5.00 3.54 7.91 5.69 Average 7.53 4.21 4.10 4.22 533 Coefficients of variation of nominal exchange rates against the Deutsche Mark,select periods Hard currencies Belgium/ Luxembourg 2.93 9.27 10.27 1.13 13.71 Denmark 7.34 8.91 9.27 1.42 18.05 Netherlands 2.05 1.22 1.35 0.15 3.13 Intermediate currencies France 11.43 13.36 13.99 0.94 22.76 Ireland 20.66 4.59 12.86 4.58 7.49 Soft currencies Greece 18.52 57.5 50.53 13.63 77.08 Italy 24.24 19.85 16.55 11.46 34.78 Portugal 32.92 40.42 42.45 5.8 63.21 Spain 23.35 20.35 20.85 9.87 34.57 United Kingdom 20.66 18.29 15.03 7.85 24.24 Non-EU members Austria 1.46 0.99 1.15 0.07 1.4 Finland 14.3 16.52 7.78 15.24 22.14 (continued)