European Monetary System

European Monetary System
( EMS)
A system adopted by European Community members with the aim of promoting stability by limiting exchange-rate fluctuations. The system was originated in 1979 by the nine members of the European Community ( EC). The EMS comprised three principal elements: the European Currency Unit ( ECU), the monetary unit used in EC transactions; the Exchange Rate Mechanism ( ERM), whereby those member states taking part agreed to maintain currency fluctuations within certain agreed limits; and the European Monetary Cooperation Fund, which issues the ECU and oversees the ERM. The 1992 Maastricht Treaty provided for the move to Economic and Monetary Union ( EMU), including a European Monetary Institute to coordinate the economic and monetary policy of the EU, a European Central Bank ( ECB) to govern these policies, and the presentation of a single European currency. Bloomberg Financial Dictionary
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An exchange arrangement formed in 1979 that involves the currencies of European Union member countries. The New York Times Financial Glossary

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European Monetary System ˌEuropean ˈMonetary ˌSystem abbreviation EMS noun FINANCE
an arrangement established in 1979 between some members of the European Union to make their currencies steady against each other by taking action in the currency markets when one member's currency moves too far from its normal rate against other currencies — see also Exchange Rate Mechanism

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   ► See EMS.

Financial and business terms. 2012.

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  • European Monetary System — noun (singular) the EMS; a system for limiting how much the different currencies (currency (1)) of countries within the European Union can go up or down in value in relation to each other …   Longman dictionary of contemporary English

  • European Monetary System — /ˌjυərəpi:ən m nɪt(ə)ri sɪstəm/ noun system of controlled exchange rates between some of the member countries of the European Union. Abbreviation EMS COMMENT: The EMS now only applies to countries such as Greece which are members of the EU but… …   Dictionary of banking and finance

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