European Monetary Institute
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TheEuropean Monetary Institute(EMI) was the forerunner of theEuropean Central Bank(ECB), operating between 1994 and 1998.
History
[edit]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 earlierEuropean Monetary Cooperation Fund(EMCF).[1]The EMI met for the first time on 12 January under its first President,Alexandre Lamfalussy.[2]On 1 July 1997 Lamfalussy was replaced byWim Duisenbergwho would then go on to serve as theECB's President.The institute was dissolved on 1 June 1998 with the creation of the ECB and theEuropean System of Central Banks(ESCB) which took over its expanded responsibilities as theeurowas launched.
Role
[edit]The EMI was the key monetary institution of the second phase of theEconomic and Monetary Union of the European Union.The EMU encouraged cooperation between the national banks of themember statesof theEuropean Union(EU) and laid the foundation for the euro.[3]It had less than 250 staff, mostly seconded from national central banks, and was based in theEurotower,Frankfurt(Germany), where the ECB is now based.[4]
See also
[edit]References
[edit]- ^"European Central Bank".European NAvigator.Retrieved15 October2007.
- ^The history of the euroArchived10 May 2013 at theWayback Machine,Financial Times 2001
- ^"ECB: Economic and Monetary Union".ECB.Retrieved15 October2007.
- ^European Monetary Institute: Preparing to die,The Economist 3 April 1997
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