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Legal Terms - European Monetary System (EMS)
A financial system established in March 1979 to enhance collaboration in monetary policy among European Community members prior to the liberalization of capital. It encompassed the *Exchange Rate Mechanism (ERM) to stabilize exchange rates among member nations as a forerunner to the *European Monetary Union. Directive 88/361 eliminated limitations on the transfer of capital among individuals residing in the member states. Article 102A of the Single European Act 1986 introduced a new Article, now designated as Article 98, into the Treaty of Rome to reference the EMS.
A financial system established in March 1979 to enhance collaboration in monetary policy among European Community members prior to the liberalization of capital. It encompassed the *Exchange Rate Mechanism (ERM) to stabilize exchange rates among member nations as a forerunner to the *European Monetary Union. Directive 88/361 eliminated limitations on the transfer of capital among individuals residing in the member states. Article 102A of the Single European Act 1986 introduced a new Article, now designated as Article 98, into the Treaty of Rome to reference the EMS.
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