In today's world, European Monetary Cooperation Fund is a relevant topic of great interest to a wide variety of audiences. Whether it is European Monetary Cooperation Fund in politics, technology, culture or any other field, its importance and impact are undeniable. In this article, we will explore different aspects related to European Monetary Cooperation Fund, analyzing its impact on current society and its possible implications for the future. Taking a multifaceted approach, we will address diverse viewpoints and expert opinions to provide a comprehensive perspective on European Monetary Cooperation Fund and its relevance today.
History of the European Union |
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The European Monetary Cooperation Fund (EMCF) was a fund established in April 1973 by members of the European Economic Community (EEC) to ensure concerted action for a proper functioning of the Community exchange system. The EMCF was located in Luxembourg. The decision-making body, the Board of Governors, was composed of the governors from the EEC countries' central banks. In contrast to what its name indicates, the fund did not hold any paid-in capital.
The concerted action tasks attributed to the fund were:
This exchange rate system, also called 'the snake', followed the Snake in the tunnel after Nixon's decision to let the dollar float freely. In 1979 the European Monetary System (EMS) was established and replaced 'the snake' and the EMCF took charge of the same tasks within the European Monetary Systems' European Exchange Rate Mechanism (ERM).
It was dissolved in January 1994 and succeeded by the European Monetary Institute which was later replaced by the European Central Bank.