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European Monetary System |
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European Monetary SystemArrangement to promote monetary stability and closer economic cooperation in the countries of the European Community, launched in March 1979. The Exchange Rate Mechanism (ERM) was at the core of the system. With the advent of the euro, the ERM was revised. |
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| academics, was skeptical--not of the wisdom of the European monetary union project--but of the likelihood of the Germans and the Bundesbank giving up their central role under the European Monetary System regime of 1980s and 1990s. Soros had first gained worldwide notoriety when he stared down the Bank of England in 1992, almost single-handedly forcing the British pound out of the European Monetary System. The scenario covers two monetary policy regimes: the current arrangements (the European Monetary System, or EMS) and those envisioned under the Economic and Monetary Union (EMU). |
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