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Text File  |  1992-09-02  |  504b  |  15 lines
  1. The European Monetary System (EMS) was an 
  2. attempt by the European Community (now the 
  3. European Union) to bring financial 
  4. cooperation and monetary stability to Europe.
  5. It was established 1979 in the wake of the
  6. 1974 oil crisis, which brought growing
  7. economic disruption to European economies
  8. because of floating exchange rates. Central
  9. to the EMS is the Exchange Rate Mechanism
  10. (ERM), a voluntary system of semi-fixed
  11. exchange rates based on the European Currency
  12. Unit (ECU). 
  13.  
  14. Subject by: Robert Small
  15.