European Monetary Institute

Part of a series on the
History of the European Union
Timeline Pre-1945 ideas 1945–1957 1958–1972 1973–1993 1993–2004 2004–present
Organisation European Communities (1958–2009) European Coal and Steel Community (1952–2002) European Economic Community (1958–1993) European Atomic Energy Community (1958–present) European Community (1993–2009) Justice and Home Affairs (1993–2003) Police and Judicial Co-operation in Criminal Matters (2003–2009) Common Foreign and Security Policy pillar (1993–2009) Western European Union (1954–2010)
Treaties Treaty of Paris Treaty of Rome Merger Treaty Single European Act Treaty of Maastricht Treaty of Amsterdam Treaty of Nice Treaty of Lisbon
Commissions Hallstein Commission 1958 Rey Commission 1967 Malfatti Commission 1970 Mansholt Commission 1972 Ortoli Commission 1973 Jenkins Commission 1977 Thorn Commission 1981 Delors Commission 1985 Santer Commission 1994 Prodi Commission 1999 Barroso Commission 2004 Juncker Commission 2014
Topics History of Europe History of the euro History of enlargement List of presidents List of founders
European Union portal

The European Monetary Institute (EMI) was the forerunner of the European Central Bank (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).^[1] The EMI met for the first time on 12 January under its first President, Alexandre Lamfalussy.^[2] 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 (ESCB) which took over its expanded responsibilities as the euro 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 EMU encouraged cooperation between the national banks of the member states of the European Union (EU) and laid the foundation for the euro.^[3] It had less than 250 staff, mostly seconded from national central banks, and was based in the Eurotower, Frankfurt (Germany), where the ECB is now based.^[4]

See also

• History of the euro

References