What is the European Monetary Institute?
Description
This article is from the European Union FAQ, by Roland Siebelink & Bart Schelfhout with numerous contributions by others.
What is the European Monetary Institute?
The Maastricht Treaty inlcudes provisions for the establishment of a
Economic and Monetary Union by the end of this century. This was not the
first try: attempts (to codify the objective) failed in 1962, 1970 and 1978.
The European Monetary Institute (based in Frankfurt) has the task of
co-ordinating monetary policy of the central banks of the member states
within the European System of Central Banks (ESCB), and to prepare the
so-called third stage of Economic and Monetary Union, in which a single
European currency will be introduced. This stage is intended to start in
1999. At the start of the third stage, the EMI will be renamed to European
Central Bank (ECB). The director of the EMI is Mr Alexandre Lamfalussy
(Belgium), who will be succeeded by the President of the Dutch Central Bank,
Mr Wim Duisenberg, at the end of 1996.
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