what events led to the collapse of the ems 
the collapse of the ems occurred around 1992 and 1993 when several member states faced currency crises the crises exposed vulnerabilities in the ems and prompted a reevaluation of the system the bottom linethe european monetary system was established in 1979 as a framework for monetary cooperation among european union member states it tried to create exchange rate stability and economic convergence the ems played a pivotal role in the transition to the european economic and monetary union culminating in the introduction of the euro in 1999 