In this article we will discuss about the origin and working of the European Monetary System (EMS). Origin of the European Monetary System: The dollar crises which led to the breakdown of the Bretton Woods System prompted the EU countries to establish the “Snake in the tunnel” in 1972. Under this arrangement, the EU currencies […]
The European Monetary System (EMS): Origin and Working
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European Monetary Union (EMU)
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The early up and downs in the working of the EMS which were characterised by currency realignments and strict exchange controls set the EU members to think about having a monetary union. In 1989, the Delors Committee recommended a three-stage transition for the formation of a European Monetary Union (EMU). In the first stage, all […]