European Monetary System

E23372

European economic integration initiative exchange rate mechanism monetary system

The European Monetary System was a regional arrangement among European Community countries, established in 1979, to stabilize exchange rates and coordinate monetary policy as a step toward deeper economic and monetary integration.

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All labels observed (4)

Label	Occurrences
European Monetary System canonical	12
European Exchange Rate Mechanism	1
European Monetary Institute	1
European monetary integration	1

Statements (47)

Predicate	Object
instanceOf	European economic integration initiative ⓘ exchange rate mechanism ⓘ monetary system ⓘ
aim	exchange rate stability among participating European currencies ⓘ monetary policy coordination ⓘ progress toward economic and monetary union ⓘ reduction of exchange rate variability ⓘ
appliesToJurisdiction	European Economic Community ⓘ surface form: European Community
basedOn	central rates against the European Currency Unit ⓘ fixed but adjustable exchange rate parities ⓘ
contributedTo	Maastricht Treaty convergence process ⓘ creation of the euro ⓘ
coordinatedBy	Committee of Governors of the Central Banks of the Member States of the EEC ⓘ surface form: Committee of Governors of the Central Banks of the Member States of the European Economic Community
country	European Economic Community ⓘ surface form: European Community member states
currency	European Currency Unit ⓘ
endTime	1999 ⓘ
follows	parity grid of bilateral central rates ⓘ
hasEffect	convergence of inflation rates among member states ⓘ greater monetary policy coordination in Europe ⓘ reduction of currency volatility in Western Europe ⓘ
hasPart	European Currency Unit ⓘ European Monetary Cooperation Fund ⓘ Exchange Rate Mechanism ⓘ
historicalPeriod	Cold War ⓘ surface form: Cold War era
inception	March 13, 1979 ⓘ
legalBasis	European Council resolutions of 1978–1979 ⓘ
location	Western Europe ⓘ
nonParticipant	United Kingdom at inception ⓘ
operatedBy	central banks of participating European Community countries ⓘ
participant	Benelux Union ⓘ surface form: Benelux countries Denmark ⓘ France ⓘ Germany ⓘ Ireland ⓘ Italy ⓘ
precededBy	Bretton Woods system ⓘ
replacedBy	European Union economic and monetary union ⓘ surface form: Economic and Monetary Union of the European Union Eurozone ⓘ surface form: euro area
replaces	European “snake in the tunnel” mechanism ⓘ
significantEvent	1992–1993 ERM crisis ⓘ widening of ERM fluctuation bands in 1993 ⓘ withdrawal of the British pound from the ERM in 1992 ⓘ
startTime	1979 ⓘ
uses	exchange rate bands ⓘ medium-term financial assistance mechanisms ⓘ mutual central bank intervention ⓘ short-term monetary support mechanisms ⓘ

Referenced by (15)

Full triples — surface form annotated when it differs from this entity's canonical label.

Deutsche Mark → participatedIn → European Monetary System ⓘ

DEM → associatedWith → European Monetary System ⓘ

Exchange Rate Mechanism → partOf → European Monetary System ⓘ

European Central Bank → replaced → European Monetary System ⓘ

this entity surface form: European Monetary Institute

Spanish peseta → wasPartOf → European Monetary System ⓘ

European Currency Unit → partOf → European Monetary System ⓘ

European Currency Unit → relatedConcept → European Monetary System ⓘ

ERM → alsoKnownAs → European Monetary System ⓘ

this entity surface form: European Exchange Rate Mechanism

ERM → partOf → European Monetary System ⓘ

European Monetary Cooperation Fund → partOf → European Monetary System ⓘ

1992–1993 ERM crisis → mainSubject → European Monetary System ⓘ

this entity surface form: European monetary integration

EMU → predecessorConcept → European Monetary System ⓘ

subject surface form: Economic and Monetary Union of the European Union

XEU → usedInSystem → European Monetary System ⓘ

XEU → relatedTo → European Monetary System ⓘ

Committee of Governors → relatedTo → European Monetary System ⓘ