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- European_Monetary_System abstract "European Monetary System (EMS) was an arrangement established in 1979 under the Jenkins European Commission where most nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations relative to one another. After the demise of the Bretton Woods system in 1971, most of the EEC countries agreed in 1972 to maintain stable exchange rates by preventing exchange rate fluctuations of more than 2.25% (the European "currency snake"). In March 1979, this system was replaced by the European Monetary System, and the European Currency Unit (ECU) was defined.The basic elements of the arrangement were:The ECU: With this arrangement, member currencies agreed to keep their foreign exchange rates within agreed bands with a narrow band of +/- 2.25% and a wide band of +/- 6%.An Exchange Rate Mechanism (ERM)An extension of European credit facilities.The European Monetary Cooperation Fund: created in October 1972 and allocates ECUs to members' central banks in exchange for gold and US dollar deposits.Although no currency was designated as an anchor, the Deutsche Mark and German Bundesbank soon emerged as the centre of the EMS. Because of its relative strength, and the low-inflation policies of the bank, all other currencies were forced to follow its lead if they wanted to stay inside the system. Eventually, this situation led to dissatisfaction in most countries, and was one of the primary forces behind the drive to a monetary union (ultimately the euro).Periodic adjustments raised the values of strong currencies and lowered those of weaker ones, but after 1986 changes in national interest rates were used to keep the currencies within a narrow range. In the early 1990s the European Monetary System was strained by the differing economic policies and conditions of its members, especially the newly reunified Germany, and Britain (which had initially declined to join and only did so in 1990) permanently withdrew from the system in September 1992. Speculative attacks on the French Franc during the following year led to the so-called Brussels Compromise in August 1993 which established a new fluctuation band of +15%.".
- European_Monetary_System wikiPageID "713032".
- European_Monetary_System wikiPageRevisionID "591241202".
- European_Monetary_System hasPhotoCollection European_Monetary_System.
- European_Monetary_System subject Category:Europe.
- European_Monetary_System subject Category:Eurozone_fiscal_matters.
- European_Monetary_System subject Category:International_economics.
- European_Monetary_System subject Category:Money.
- European_Monetary_System type Abstraction100002137.
- European_Monetary_System type Attribute100024264.
- European_Monetary_System type CognitiveState105669934.
- European_Monetary_System type Concern105670710.
- European_Monetary_System type Condition113920835.
- European_Monetary_System type Curiosity105682570.
- European_Monetary_System type EurozoneFiscalMatters.
- European_Monetary_System type Interest105682950.
- European_Monetary_System type Matter105671325.
- European_Monetary_System type PsychologicalState114373582.
- European_Monetary_System type State100024720.
- European_Monetary_System comment "European Monetary System (EMS) was an arrangement established in 1979 under the Jenkins European Commission where most nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations relative to one another. After the demise of the Bretton Woods system in 1971, most of the EEC countries agreed in 1972 to maintain stable exchange rates by preventing exchange rate fluctuations of more than 2.25% (the European "currency snake").".
- European_Monetary_System label "European Monetary System".
- European_Monetary_System label "Europees Monetair Stelsel".
- European_Monetary_System label "Europejski System Walutowy".
- European_Monetary_System label "Europäisches Währungssystem".
- European_Monetary_System label "Sistema Monetario Europeo".
- European_Monetary_System label "Sistema Monetário Europeu".
- European_Monetary_System label "Sistema monetario europeo".
- European_Monetary_System label "Système monétaire européen".
- European_Monetary_System label "Европейская валютная система".
- European_Monetary_System label "欧州通貨制度".
- European_Monetary_System sameAs Evropský_měnový_systém.
- European_Monetary_System sameAs Europäisches_Währungssystem.
- European_Monetary_System sameAs Sistema_Monetario_Europeo.
- European_Monetary_System sameAs Europako_Diru_Sistema.
- European_Monetary_System sameAs Système_monétaire_européen.
- European_Monetary_System sameAs Sistema_monetario_europeo.
- European_Monetary_System sameAs 欧州通貨制度.
- European_Monetary_System sameAs Europees_Monetair_Stelsel.
- European_Monetary_System sameAs Europejski_System_Walutowy.
- European_Monetary_System sameAs Sistema_Monetário_Europeu.
- European_Monetary_System sameAs m.0350gz.
- European_Monetary_System sameAs Q385239.
- European_Monetary_System sameAs Q385239.
- European_Monetary_System sameAs European_Monetary_System.
- European_Monetary_System wasDerivedFrom European_Monetary_System?oldid=591241202.
- European_Monetary_System isPrimaryTopicOf European_Monetary_System.