The European Monetary System: documents
Extract from the conclusions of the Presidency of the European Council of and December 1978 in Brussels
"The European Council agreed, on the basis of the preparatory work of the Council (Economics and Finance Ministers) and of the Monetary Committee and the Committee of the Governors of the Central Banks to set up a European Monetary System as from 1 January 1979.
The purpose of the European Monetary System is to establish a greater measure of monetary stability in the Cpmmunity: It should be seen as a fundamental component of a more comprehensive strategy aimed at lasting growth with stability, .a progressive return to full employment, the harmonization of living standards and the lessening of regional disparities in the Community. The European Monetary System will facilitate the convergence of economic development and give fresh impetus to the process of European Union. The Council expects the European Monetary System to have a stabilizing effect on international economic and monetary relations. It will therefore certainly be in the interests of the industrialized and the developing countries alike...."
Resolution of the European Council of December 1978 on the establishment of the European Monetary System (EMS) and related matters
A. The European Monetary System
1. In Bremen we discussed a ' scheme for the creation of closer monetary cooperation leading to a zone of monetary stability in Europe . We regarded such a zone 'as a highly desirable objective' and envisaged ' durable and e~ve scheme
2. Today, after careful examination of the preparatory work done by the Council and other Community bodies, we are agreed as follows:
A European Monetary System (EMS) will be set up on 1 January 1979.
1.3. We are firmly resolved to ensure the lasting success of the EMS by policies conducive to greater stability at home and abroad for both deficit and surplus countries...."
[Mrt: well, all those picked in the document are worth a look]