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Business
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| Number of pages / Number of words: |
6 / 1529 |
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The first stage in the process began on 1 July 1990 with the liberalization of capital movements.
Second step - The establishment of the European Monetary Institute (EMI) on 1 January 1994 marked the start of the second stage of EMU and with this the Committee of Governors ceased to exist. The EMI's transitory existence also mirrored the state of monetary integration within the Community...
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The EMI's transitory existence also mirrored the state of monetary integration within the Community. The EMI had no responsibility for the conduct of monetary policy in the European Union ? this remained the preserve of the national authorities ? nor had it any competence for carrying out foreign exchange intervention...
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