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The European Monetary Institute (EMI) was the forerunner of the
European Central Bank The European Central Bank (ECB) is the prime component of the monetary 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 most important centra ...
(ECB), operating between 1994 and 1997.


History

The EMI was created 1 January 1994 to oversee the second stage in the creation of monetary union. The EMI itself took over from the earlier European Monetary Cooperation Fund (EMCF). The EMI met for the first time on 12 January under its first President, Alexandre Lamfalussy. On 1 July 1997 Lamfalussy was replaced by Wim Duisenberg who would then go on to serve as the ECB's President. The institute was dissolved on 1 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 as the
euro The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
was launched.


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 prog ...
. The EMU encouraged cooperation between the national banks of the member states of the
European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been ...
(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, officially Frankfurt am Main (; Hessian: , " Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its ...
(
Germany Germany, officially the Federal Republic of Germany (FRG),, is a country in Central Europe. It is the most populous member state of the European Union. Germany lies between the Baltic and North Sea to the north and the Alps to the sou ...
), where the ECB is now based.European Monetary Institute: Preparing to die
The Economist 3 April 1997


See also

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History of the euro History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the invention of writing systems is considered prehistory. "History" is an umbrella term comprising past events as well ...


References

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