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European Monetary System / EMS

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Definition

Created in 1979, the purpose of the European Monetary System (EMS) was to bring closer cooperation in monetary policy between the countries of the European Community with the aim of achieving a zone of monetary stability in Europe. Its main features were the Ecu, the ERM and various credit systems.

Note

Despite the disappearance of the EMS and its replacement by the European System of Central Banks (ESCB), the goal is to maintain something similar to the EMS to limit variations in the currencies of those EU countries that do not belong to the Euro Zone.