The European Monetary System (EMS) was established in 1979 to foster closer monetary policy cooperation between members of the European Community (EC). It was later succeeded by the European Economic and Monetary Union (EMU), which introduced the euro as a common currency. The EMS was created in response to the collapse of the Bretton Woods Agreement and aimed to stabilize inflation and exchange rates between European countries, ultimately leading to the establishment of the EMU and the euro.
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