European Monetary System
European Monetary System (EMS) System set up in 1979 to bring about monetary stability among the then nine members of the European Community (EC). The EMS had three main components: the European Currency Unit (ECU), a monetary unit weighted according to the size of each member state's economy and the value of its trade; the Exchange Rate Mechanism (ERM), where each member state agreed to keep their national currencies within set margins (initially either 2.25% or 6% above or below) of a central rate of exchange against the ECU; and the credit mechanisms. The Maastricht Treaty (1992) set a timetable for achieving economic and monetary union (EMU) and the establishment of a single currency (the euro). In 1998, 11 member states chose to participate in the first stage of EMU. On January 1, 1999, the euro was born and a European Central Bank gained control of a single monetary policy.
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Euro , Euro
FUNCTIONING RULES
THE ECONOMIC RATIONALE
A BRIEF HISTORY OF THE ROAD
TO THE EURO
THE LAST STEPS: FROM THE ECU
TO THE EURO
BIBLIOGRAPHY
The euro… Investment Banks , 100, boulevard Konrad Adenauer
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Government-Owned Compa… European Economic Community , European Economic Community was the full title of the EEC, which Britain joined on 1 January 1973, also known as the Common Market, later as the Euro… European Union , The European Union (EU) is a grouping of states from Western, Eastern, and Central Europe. Those interested in politics view the EU with great intere… national , national •annal, channel, flannel, impanel, multichannel, panel •cracknel •grapnel, shrapnel •carnal •antennal, crenel, fennel, kennel •regnal •anal,… Treaty On European U Nion 1992 , Maastricht, Treaty of
THE REFOUNDATION OF EUROPEAN INTEGRATION
THE THREE PILLARS OF THE EUROPEAN UNION
A PERMANENT PROCESS OF TREATY
CHANGE
BIBLIOGRA…
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European Monetary System
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European Monetary System