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Topic: European Monetary System

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Exchange Rate Mechanism

European Exchange Rate Mechanism

Monetary union

European Currency Unit

Economic and monetary union

Central Bank of Ireland

Euro

Eurozone

European Union

Bretton Woods Conference

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European Central Bank

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Principle of subsidiarity

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	European Monetary System - Wikipedia, the free encyclopedia
		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.
		In March 1979, this system was replaced by the European Monetary System, and the European Currency Unit (ECU) was defined.
		The European Monetary System was no longer a functional arrangement in May 1998 as the member countries fixed their mutual exchange rates when participating in the euro.
	en.wikipedia.org /wiki/European_Monetary_System (457 words)

	European Monetary System - HighBeam Encyclopedia (Site not responding. Last check: 2007-10-21)
		EUROPEAN MONETARY SYSTEM [European Monetary System] arrangement by which most nations of the European Union (EU) linked their currencies to prevent large fluctuations relative to one another.
		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 permanently withdrew from the system.
		The European Currency Unit (ECU), which was established in 1979, was the forerunner of the euro.
	www.encyclopedia.com /doc/1E1-europnm1s1.html (686 words)

	European Monetary System (Site not responding. Last check: 2007-10-21)
		It is the novelty of the abandonment of the coincidence between the area of jurisdiction of monetary policy and the area of jurisdiction of banking supervision.
		In all systems, however, whether or not it has the task of supervising the banks, the central bank is deeply involved with the banking system precisely because the banks are primary creators of money, providers of payment services, managers of the stock of savings and counterparties of central bank operations.
		Monetary and financial integration The integration of the European money markets relies, of course, on the existence of a single system for refinancing the banks in the euro area, that is to say on the common monetary policy.
	www.5ka.ru /98/23801/1.html (18850 words)

	European Monetary System
		The European Monetary System (EMS) is an organization established in 1979 for the purpose of stabilizing the exchange rates of those European Community (now European Union) members who wished to participate in it.
		The dollar, which served as a peg for European currencies, was plagued by a ballooning American deficit, the oil crisis, a rapid rise in the demand for gold in world commodity markets, and unemployment and "stagflation" at home.
		The European currency "snake" was an agreement whereby participating EC members agreed to manage their respective currency exchange rates so that they fluctuated with each other within a narrow prescribed band or "snake" of plus or minus 2.5 percent.
	www.referenceforbusiness.com /encyclopedia/Ent-Fac/European-Monetary-System.html (849 words)

	THE EUROPEAN MONETARY SYSTEM (Site not responding. Last check: 2007-10-21)
		Disillusioned by the prospects for global monetary reform and by the performance of the floating exchange rate system, the EMS founding fathers wanted to restore a system of fixed-but-adjustable exchange rates within as large a part as was possible of the European Community.
		The monetary authorities in the countries with weaker currencies gain credibility for their disinflationary stance by pegging their currencies to the less inflationary currencies over long intervals, with the prospect that they cannot fully accommodate their excess inflation by devaluing when the EMS parities are realigned.
		Padoa-Schioppa re-stated the case for an ultimate European monetary union and a common money, but more constructively, he showed how the EMS could evolve towards that long-run objective in the phase where national currencies still coexist and the decisions of monetary management which have traditionally been national are gradually upgraded to the European level.
	www.cepr.org /pubs/Bulletin/meets/153.htm (4273 words)

	THE EUROPEAN MONETARY SYSTEM AND EUROPEAN MONETARY UNION
		The European Monetary System (EMS) was established in 1979 for a mixture of economic and political reasons.
		Serious discussion of monetary integration began at The Hague summit in December 1969 and this was followed in 1971 by the Werner Committee report which recommended the achievement of European Monetary Union by 1980.
		This made sense in terms of the system as a whole, if one accepted (as many appeared to do) that a major advantage of the EMS was that it allowed inflation-prone countries to lower their rates of inflation by linking their currencies to that of low-inflation Germany.
	homepages.uel.ac.uk /K.Bain/emu2.html (4729 words)

	European Monetary System - Search Results - MSN Encarta (Site not responding. Last check: 2007-10-21)
		European Monetary System (EMS), system which aimed to facilitate financial cooperation and monetary stability within the European Union (EU).
		European Union : History : European Monetary System
		In March 1979 the European Monetary System (EMS) was established as a first step towards achieving economic and monetary union (EMU) and, ultimately,...
	uk.encarta.msn.com /European_Monetary_System.html (143 words)

	THE EUROPEAN MONETARY SYSTEM AND EUROPEAN MONETARY UNION
		Serious discussion of monetary integration began at The Hague summit in December 1969 and this was followed in 1971 by the Werner Committee report which recommended the achievement of monetary union by 1980.
		The stability pact was an attempt to enhance the anti-inflation credibility of post-union monetary policy in the eyes of the German population.
		The European Central Bank (ECB) and the European System of Central Banks (ESCB) were established on 1 June 1998 and in September agreement was reached with Denmark and Greece, two of the countries not in the first wave of single currency membership, over the formation of a replacement for the old ERM (ERM II).
	homepages.uel.ac.uk /K.Bain/monetary.htm (6580 words)

	ECB: 1999 - A new European monetary system
		On the basis of this document, the European Council adopted a Resolution on the ERM2 at its meeting in Amsterdam in June 1997.
		The existence of a system in itself is not a guarantee for stability.
		It represents a framework for monetary and foreign exchange policy co-operation; it does not ensure by itself that the right policies are in the end implemented, in particular in the countries outside the euro area.
	www.ecb.int /press/key/date/1997/html/sp971017.en.html (2343 words)

	Economical and monetary union - European Union for youth
		Economic and monetary union is a logical accompaniment to the single market and a major political milestone on the road to a united Europe.
		On the basis of the report submitted by the Commission President, Jacques Delors, in Juneandnbsp1989, the Madrid European Council defined the objectives in broad terms: the Community was to embark on a process comprising several stages, the first of which was to begin on 1andnbspJulyandnbsp1990, and culminating in the introduction of a single currency.
		A European Monetary Institute (EMI) was set up in Frankfurt to strengthen the coordination of Member States' monetary policies, promote the use of the ECU and prepare the ground for the creation of a European Central Bank in Stage III.
	europa.tl.krakow.pl /Ekon-walut_en.htm (1366 words)

	The European Monetary System (Site not responding. Last check: 2007-10-21)
		A system with the following objectives: to stabilize exchange rates, to reduce inflation and to prepare for european monetary unification.
		The European Monetary System, was created on account of a Resolution of the European Council on the 5th December 1978.
		The ECU: it referred to a composed currency (or currency basket), formed by given percentages of each one of the participating currencies, established in function to the contribution of the respective countries to the GNP of the Community and to the communities inter-exchanges.
	www.dip-badajoz.es /eurolocal/entxt/emu/antecedentes/sme.htm (320 words)

	European Monetary System
		The European Monetary System (EMS) was the forerunner of Economic and Monetary Union (EMU), which led to the establishment of the Euro.
		The European Monetary System was important in ensuring currency stability in the European Community at a time when international markets were very volatile.
		Monetary Policy: the policies employed by Governments or Central Banks to control money supply and interest rates to achieve economic goals.
	www.civitas.org.uk /eufacts/FSECON/EC9.htm (734 words)

	Dáil Éireann - Volume 308 - 19 October, 1978 - European Monetary System: Motion (Resumed).
		It is opportune that the European Monetary System should, therefore, be debated at this time in the light of those experiences, particularly the experiences during the previous Government's term in office.
		The first is the monetary arrangement which would govern parity changes with reference to creating a zone of monetary stability in Europe; the second, studies of the measures needed to strengthen the economies of the less prosperous member countries of the Community in the context of these arrangements.
		Similarly, with the European Monetary System they will be seeking their own national advantage and, if they pay us £650 million, it will be the price they are prepared to pay for similar gains from us.
	www.oireachtas-debates.gov.ie /D/0308/D.0308.197810190003.html (17327 words)

	Current International Monetary System
		This arrangement was called "European snake in the tunnel" because the community currencies floated as a group against outside currencies such as the dollar.
		The European Union began to circulate euro since 2001 and the symbol of the new currency is
		Now the managed float is firmly established as it appeared as the only viable system for two reasons (i) continued growth of world trade without excessive fluctuations in exchange rates, (ii) the floating system coped with two oil crises with relative ease.
	www.econ.iastate.edu /classes/econ355/choi/cur.htm (1239 words)

	EUROPA - The EU at a glance - The History of the European Union - 1979 (Site not responding. Last check: 2007-10-21)
		The European Court of Justice decrees that consumers can access foodstuffs from other Member States on the sole condition that the product in question has been legally manufactured and commercialised in a given State and that no major issues regarding health or the environment are opposed to its import.
		It settles March 13 as the date on which the European Monetary System (EMS) is to enter into force.
		In particular he refers to the attitude of the Community and its Member States to a continuation of the dialogue between developed and developing countries, he stresses the importance of direct elections to the European Parliament and the importance of the European Monetary System (EMS).
	europa.eu /abc/history/1979/index_en.htm (760 words)

	European Monetary System — FactMonster.com
		In 1994 the European Monetary Institute was created as transitional step in establishing the
		European Economic Community - European Economic Community (EEC), organization established (1958) by treaty between Belgium,...
		monetary agreement - monetary agreement, attempt by two (bilateral) or more (multilateral) nations to regulate and...
	www.factmonster.com /ce6/history/A0817895.html (607 words)

	Economic and Monetary Union of the European Union - Wikipedia, the free encyclopedia
		The 10 new countries that acceded to the European Union in 2004 all intend to join third stage of the EMU in the next ten years, though the precise timing depends on various economic factors.
		The European Monetary Institute is established as the forerunner of the European Central Bank, with the task of strengthening monetary cooperation between the member states and their national banks, as well as supervising ECU banknotes.
		On 1 June 1998, the European Central Bank (ECB) is created, and in 31 December 1998, the conversion rates between the 11 participating national currencies and the euro are established.
	en.wikipedia.org /wiki/Economic_and_Monetary_Union_of_the_European_Union (863 words)

	European Monetary System as supplied by EagleTraders.com
		The agreement consists principally in an intervention requirement on the part of each participant to limit exchange rate fluctuations, by the creation of the ECU (European currency unit, a “basket” of all ten EC currencies) as the center of the system, and by the enlargement of credit facilities already established in the EC.
		In view of the International Monetary Fund, these initiatives raise the question of what would be the requirements for a system in which exchange rate fluctuations were reduced and the rate changes that did occur were more consistently in line with long-term underlying trends.
		In June 1985, the European Council, composed of the heads of state and government of the EC countries, proposed certain reforms that included a specific timetable for the progressive liberalization of capital movements within the EC with a view to furthering convergence of economic policies within the EMS.
	www.eagletraders.com /advice/securities/european_monetary_system.htm (786 words)

	Towards European Monetary Union
		A European Monetary Cooperation Fund was set up in 1973 to support the operation of the "Snake" mechanism and the BIS was appointed Agent for it.
		With the introduction of the European Monetary System in 1979, these responsibilities were significantly extended and the BIS continued to fulfil them, at times in turbulent market conditions, until the establishment of European monetary union.
		The European Monetary Institute, precursor of the European Central Bank, was located at the BIS until its move to Frankfurt in 1994.
	www.bis.org /about/towards_EMU.htm (364 words)

	AllRefer.com - European Monetary System (International Organizations) - Encyclopedia
		European Monetary System, arrangement by which most nations of the European Union (EU) linked their currencies to prevent large fluctuations relative to one another.
		Of the European Union members not adopting the euro (Denmark, Great Britain, and Sweden), perhaps the most notable is Britain, which continues to regard itself as more or less separate from Europe.
		Nonetheless, British prime minister Tony Blair announced plans to consider adopting the euro sometime in 2002–5.
	reference.allrefer.com /encyclopedia/E/EuropnMS.html (601 words)

	CEPR Discussion Paper Abstracts
		Monetary Discipline, Germany, and the European Monetary System
		This paper explores the hypothesis that the non-German members of the European Monetary System (EMS) draw benefits from the system because of the monetary discipline that it imposes upon them.
		The hypothesis explains the dominant position of Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than they would have done otherwise.
	www.cepr.org /pubs/dps/DP178.asp (224 words)

	The International Monetary System (Site not responding. Last check: 2007-10-21)
		European Community, Committee for the Study of Economic and Monetary
		The World’s Monetary System: Toward Stability and Sustainability in the Twenty-First Century.
		Woolley, John T. Monetary Politics: The Federal Reserve and the Politics of Monetary Policy.
	www.indiana.edu /~ipe/moneybib.htm (800 words)

	Table of contents for The European monetary system (Site not responding. Last check: 2007-10-21)
		Monetary discipline and cooperation in the European Monetary System: a synthesis Jacques Melitz Discussion Jose Vinals 4.
		The role of the exchange-rate regime in a disinflation: empirical evidence on the European Monetary System Francesco Giavazzi and Alberto Giovannini Discussion William Branson 5.
		A new phase in the European Monetary System - exchange-rate constraint, capital liberalisation and policy coordination a report of the conference panel discussion Lamberto Dini, Peter Kenen, Rainer Masera, Wolfgang Rieke, Luigi Spaventa and Jacques Waitzenegger Index.
	www.loc.gov /catdir/toc/cam041/88023266.html (349 words)

	»»European-Monetary-System Reviews««
		Kenen also cites the Centre for European Policy Studies in Brussels, which says that "If the Maastricht targets are adhered to, something significant will have to give in terms of public expenditure in many EC countries, with social consequences which could be highly disruptive.
		Economic and Monetary Union is meant to replace the EMS (European Monetary System), which emerged from the desire to create a zone of monetary stability in Europe.
		The effects of the monetary union will be felt primarily in the Euro area participating countries.
	www.financial-book-review.com /Estate-planning/European-Monetary-System (1219 words)

	Deutsche Bank \| European Monetary System (EMS) (Site not responding. Last check: 2007-10-21)
		The European Monetary System (EMS), which came into force in March 1979, is the successor to the 'European Currency Snake' of 1972.
		In this respect it also seen as a building block of European unity (monetary union).
		Within the framework of the EMS the issuing banks of the EC countries have undertaken to restrict movements between their currencies to minor deviations from the central rate.
	www.deutsche-bank.de /lexikon/2261.html (122 words)

	Hausarbeiten.de: Capital Controls, EMU and the Crisis of the European Monetary System - Essay. Seminararbeiten, ...
		For European monetary affairs, 1992 was a watershed: In January, the European Monetary System (EMS) celebrated five years of stability; by November, it was all but falling apart.
		If the argument that the lack of control over international capital flows is at the heart of such crises is true, their costs must be weighed against the benefits of the liberalisation process.
		Capital controls are put forward as one way of keeping such speculation in check and retaining room to manoeuvre for national monetary policy by effectively breaking the link between domestic and international interest and inflation rates.
	www.hausarbeiten.de /faecher/vorschau/9448.html (766 words)

	EconPapers: Monetary policy coordination in the european monetary system (Site not responding. Last check: 2007-10-21)
		EconPapers: Monetary policy coordination in the european monetary system
		Monetary policy coordination in the european monetary system
		Keywords: Monetary policies; International coordination of monetary policies; European monetary system(EMS); Exchange rate stability; Basic economic performance of the EMS (search for similar items in EconPapers)
	econpapers.repec.org /paper/bonbonsfb/159.htm (164 words)

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