The European Monetary System (EMS) was established in March 1979 to maintain small exchange rate fluctuations among member countries, while allowing for floating against outside currencies. The EMS...

The European Monetary System (EMS) was established in March 1979 to maintain small exchange rate fluctuations among member countries, while allowing for floating against outside currencies. The EMS has evolved into a system with one currency, the euro, and one European central bank in 1999.