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After the demise of the Bretton Woods system in 1971, most of the EEC countries agreed in 1972 to maintain stable exchange rates by preventing exchange rate fluctuations of more than 2. An extension of European credit facilities. The European Monetary Cooperation Fund: created in October 1972 and allocates ECUs to members’ central banks in exchange for gold and US dollar deposits. Although no currency was designated as an anchor, the Deutsche Mark and German Bundesbank soon emerged as the centre of the EMS. Because of its relative strength, and the low-inflation policies of the bank, all other currencies were forced to follow its lead if they wanted to stay inside the system. Periodic adjustments raised the values of strong currencies and lowered those of weaker ones, but after 1986 changes in national interest rates were used to keep the currencies within a narrow range.
On 16 September 1992 UK withdrew from ERM. On 17 September 1992 Italy withdrew from ERM. European currency exchange rate stability has been one of the most important objectives of European policy makers at least since the Second World War. The history of exchange rate instability leading to social and economic instability, for example during the hyper inflation after the First World War in Germany or the competitive devaluations of the 1930s.
The inter-dependence and “openness” of European economies. The European Monetary System was no longer a functional arrangement in May 1998 as the member countries fixed their mutual exchange rates when participating in the euro. Its successor however, the ERM-II, was launched on 1 January 1999. In ERM-II the ECU basket was discarded and the new single currency euro has become an anchor for the other currencies participating in the ERM-II. The ERM-II is sometimes described as “waiting room” for joining the Economic and Monetary Union of the European Union.
The making of the European monetary system. A case study of the politics of the European community. Historical financial data of the past 15 years. Fast and comfortable like a mobile app. Or are you looking for a typical yet flexible cross rates matrix with many currencies?