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European Monetary System |
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European Monetary System (EMS) A system adopted by European Community members with the aim of promoting stability by limiting exchange-rate fluctuations. The system was originated in 1979 by the nine members of the European Community (EC). The EMS comprised three principal elements: the European Currency Unit (ECU), the monetary unit used in EC transactions; the Exchange Rate Mechanism, ERM, whereby those member states taking part agreed to maintain currency fluctuations within certain agreed limits; and the European Monetary Cooperation Fund, which issues the ECU and oversees the ERM. The 1992 Maastricht Treaty provided for the move to Economic and Monetary Union (EMU), including a European Monetary Institute to coordinate the economic and monetary policy of the EU, a European Central Bank (ECB) to govern these policies, and the presentation of a single European currency. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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academics, was skeptical--not of the wisdom of the European monetary union project--but of the likelihood of the Germans and the Bundesbank giving up their central role under the European Monetary System regime of 1980s and 1990s. Soros had first gained worldwide notoriety when he stared down the Bank of England in 1992, almost single-handedly forcing the British pound out of the European Monetary System. The scenario covers two monetary policy regimes: the current arrangements (the European Monetary System, or EMS) and those envisioned under the Economic and Monetary Union (EMU). |
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