European Monetary System - The monetary system of the EC which attempts to reduce the currency variations between members. The EMS became operational on March 13th, 1979, as the successor to the "snake in a tunnel". Its aim was to create a zone of monetary stability in Europe. Its general principles were outlined at the Bremen Summit in July 1978, and the system was presented in detail at the Brussels Summit in December. The EMS consists of three mechanisms: the ERM; accounting and transaction mechanisms related to the ECU; and credit mechanisms to enable central banks¹ intervention in the currency markets. All the European Community countries belong to the EMS, although not all of them participate in the ERM.
European Monetary System : the monetary system of the ec which attempts to reduce the currency variations between members. the ems became operational on march 13th, 1979, as the successor to the "snake in a tunnel". its aim was to create a zone of monetary stability in europe. its general principles were outlined at the bremen summit in july 1978, and the system was presented in detail at the brussels summit in december. the ems consists of three mechanisms: the erm; accounting and transaction mechanisms related to the ecu; and credit mechanisms to enable central banks¹ intervention in the currency markets. all the european community countries belong to the ems, although not all of them participate in the erm.
European Monetary System