European Monetary Institute (EMI)

For the introduction of a common European currency, a three-stage plan was defined in Title VI of the Maastricht EC Treaty; Stage II started on 1 January 1994 with the founding of the European Monetary Institute (EMI) in Frankfurt as a precursor of a European central bank (ESCB), which was supposed to make the technical and administrative preparations for the monetary union of 1999.

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