European Monetary Institute
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The European Monetary Institute (EMI) was the forerunner of the
European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...
(ECB), operating between 1994 and 1998.


History

The EMI was created 1st January 1994 to oversee the second stage in the creation of monetary union. The EMI itself replaced the earlier
European Monetary Cooperation Fund The European Monetary Cooperation Fund (EMCF) was a fund established in April 1973 by members of the European Economic Community (EEC) to ensure concerted action for a proper functioning of the Community exchange system. The EMCF was located in L ...
(EMCF). The EMI met for the first time on 12 January under its first President,
Alexandre Lamfalussy Alexandre, Baron Lamfalussy (; 26 April 1929 – 9 May 2015) was a Hungarian-born Belgian economist who served as President of the European Monetary Institute (EMI) from 1994 to 1997, which was the forerunner to the European Central Bank (ECB ...
. On 1st July 1997 Lamfalussy was replaced by
Wim Duisenberg Willem Frederik "Wim" Duisenberg (; 9 July 1935 – 31 July 2005) was a Dutch politician and economist who served as President of the European Central Bank from 1 June 1998 until 31 October 2003. He was a member of the Labour Party (PvdA). Du ...
who later became the ECB's President. The institute was dissolved on 1st June 1998 with the creation of the ECB and the
European System of Central Banks The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU). Its objective is to ensure price stability ...
(ESCB) which took over its expanded responsibilities in preparation for the
euro The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the ...
's introduction.


Role

The EMI was the key monetary institution of the second phase of the
Economic and Monetary Union of the European Union The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages. There are three stages of the EMU, each of which consists of progressi ...
. The EMU encouraged cooperation between the national banks of the
member states A member state is a state that is a member of an international organization or of a federation or confederation. Since the World Trade Organization (WTO) and the International Monetary Fund (IMF) include some members that are not sovereign states ...
of the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
(EU) and laid the foundation for the euro. It had less than 250 staff, mostly seconded from national central banks, and was based in the Eurotower,
Frankfurt Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...
(
Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...
), where the ECB is now based.European Monetary Institute: Preparing to die
The Economist 3 April 1997


See also

*
Delors Committee The Delors Committee, formally known as the Committee for the Study of Economic and Monetary Union, was an ''ad hoc'' committee chaired by European Commission President Jacques Delors in 1988–1989. It was set up in June 1988 upon a mandate fro ...
*
History of the euro The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, the Maastricht Treaty entered into force in 1993 with the goal of creating a ...


References

{{Authority control 1994 establishments in the European Union European Central Bank European System of Central Banks