an arrangement established in 1979 under the Jenkins European Commission where most of the EEC linked their currencies to prevent large fluctuations relative to one another (after the demise of Bretton Woods); replaced the informal EEC agreement to prevent rate fluctuations of 2.25%+; created the ECU (fluctuations within narrow band of 2.25% or wide band of 6%); Deutsch Mark informally emerged as the centre of this arrangement
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european monetary system
on the morning of 15 September 1978, they had signed a bilateral agreement to create the European Monetary System (EMS)--the Euro's precursor
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