European Monetary Cooperation Fund
Encyclopedia
The European Monetary Cooperation Fund (EMCF) is an institution and a fund established in 1973 by members of the European Exchange Rate Mechanism
(ERM) of the European Union
(EU) to stabilise exchange rates. It was succeeded by the European Monetary Institute
which is now part of the European Central Bank
.
European Exchange Rate Mechanism
The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of...
(ERM) of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
(EU) to stabilise exchange rates. It was succeeded by the European Monetary Institute
European Monetary Institute
The European Monetary Institute was the forerunner of the European Central Bank , operating between 1994 and 1997.-History:The EMI was created 1 January 1994 to oversee the second stage in the creation of monetary union. The EMI itself took over from the earlier European Monetary Cooperation Fund...
which is now part of the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
.