Glossary: European Monetary System (EMS)

Established in 1979 by the European Economic Community (EEC--q.v.), the EMS was created to stabilize currency values because the Bretton Woods system (q.v.) proved not fully satisfactory. All European Union (EU--q.v.) countries are EMS members. The EMS is to be succeeded by the European Monetary Union (EMU--q.v.).

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