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European Monetary System is established, ECU created

The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large...

The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations in relative value. It was initiated in 1979 under then President of the European Commission Roy Jenkins as an agreement among the Member States of the EEC to foster monetary policy co-operation among their central banks for the purpose of managing inter-community exchange rates and financing exchange market interventions.

The EMS functioned by adjusting nominal and real exchange rates, thus establishing closer monetary cooperation and creating a zone of monetary stability.

Historical Significance

The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations in relative value.

Events Before

  1. Air India Flight 855 crashes into the Arabian Sea less than two minutes after takeoff, killing all 213 people on board

    Air India Flight 855 was a scheduled passenger flight from Bombay (now Mumbai), India, to Dubai, United Arab Emirates.

  2. TV series "All Creatures Great and Small" debuts on BBC TV, based on the books by James Herriot, starring Robert Hardy a

    TV series "All Creatures Great and Small" debuts on BBC TV, based on the books by James Herriot, starring Robert Hardy and Christopher Timothy

  3. Bee Gees' album "Saturday Night Fever" goes #1; stays on top for 24 weeks

    Bee Gees' album "Saturday Night Fever" goes #1; stays on top for 24 weeks

  4. Sweden becomes the first nation in the world to ban aerosol sprays, due to their harmful effect on the earth's ozone lay

    Sweden becomes the first nation in the world to ban aerosol sprays, due to their harmful effect on the earth's ozone layer

  5. Novelist Danielle Steel (30) divorces Danny Zugelder after almost 3 years of marriage

    Novelist Danielle Steel (30) divorces Danny Zugelder after almost 3 years of marriage

Events After

  1. Chrysler Europe is renamed Talbot

    Chrysler Europe was the American automotive company Chrysler's operations in Europe from 1967 through 1978.

  2. Real Records releases "Pretenders" in the UK, the debut album by The Pretenders

    Pretenders is the debut studio album by British-American band the Pretenders, released in January 1980. A combination of rock and roll, punk and new wave music, it was an immediate success.

  3. Pink Floyd's double album "The Wall" hits #1

    The Wall is the eleventh studio album by the English rock band Pink Floyd, released on 30 November 1979 by Harvest CBS Records. It is the last album to include all four post-Barrett-era band members.

  4. US President Jimmy Carter announces a US boycott of the 1980 Summer Olympics in Moscow after the Soviet invasion of Afgh

    US President Jimmy Carter announces a US boycott of the 1980 Summer Olympics in Moscow after the Soviet invasion of Afghanistan

  5. Cypriot-American model Angie Bowie (30) divorces British singer David Bowie (33) after just under 10 years of marriage

    Cypriot-American model Angie Bowie (30) divorces British singer David Bowie (33) after just under 10 years of marriage

More from the 1970s

death

Erroll Garner dies

Erroll Garner dies

birth

Chai Jing is born

Chai Jing, Chinese journalist and environmental activist, known for chinese journalist and environmental activist, was born on 1976-01-01. Chai Jing is a Chinese journalist.

Charles "Chub" Feeney becomes the President of Major League Baseball's National League

Charles Stoneham "Chub" Feeney (August 31, 1921 – January 10, 1994) was an Irish-American front office executive in Major League Baseball.

Cigarette advertisements are banned from broadcast media in the US

Cigarette advertisements are banned from broadcast media in the US

Frequently Asked Questions

What happened on March 13, 1979?
The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations in relative value. It was initiated in 1979 under then President of the European Commission Roy Jenkins as an agreement among the Member States of the EEC to foster monetary policy co-operation among their central banks for the purpose of managing inter-community exchange rates and financing exchange market interventions. The EMS functioned by adjusting nominal and real exchange rates, thus establishing closer monetary cooperation and creating a zone of monetary stability.
Why is European Monetary System is established, ECU created significant?
The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations in relative value.

Explore More

March 13 in HistoryYear 1979