Title: European Monetary System - Wikipedia
Headings: European Monetary System
European Monetary System
Contents
History
Background, 1960 to 1971
1972: the Werner Report is published and EEC countries peg their currencies
The EMS is created
Creation of the European Currency Unit
German monetary policy dominates
Changing operating principals and preparing for the Euro
1992 crisis
Criticism
See also
References
Further reading

Content: the Werner Report is published and EEC countries peg their currencies
A group of experts, led by the Prime Minister and Minister of Finance of Luxembourg, Pierre Werner, met and produced the Werner Report, which was published on 8 October 1970 and outlined the structure and function of the EMS. On the basis of the Werner Report, the EEC began moving to a single economy in three stages. The final stage economy was to have a fixed exchange rate but no single currency. After the abandonment of the Bretton Woods system in 1971, the EEC took action. In October 1972, the EEC's Paris summit adopted the recommendations of the Werner Report and, as a result, the EEC currencies were adjustably pegged to one another in a scheme known as the snake in the tunnel. The currency snake established a single currency fluctuation band of +/-2.25%, however Italy left the snake already in 1973. The EMS is created
At a meeting of the EEC in Brussels on 5 December 1978, French President Valéry Giscard d'Estaing and German Chancellor Helmut Schmidt successfully championed the EMS, which was implemented via resolution at the meeting. The EMS officially entered into force on March 13, 1979 with the participation of eight Member States ( France, Denmark, Belgium, Luxembourg, Ireland, Netherlands, Germany and Italy ). Creation of the European Currency Unit
Main article: European Currency Unit
European currency exchange rate stability has been one of the most important objectives of European policymakers since the Second World War.