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European Monetary System (EMS), 1979-1998
On January 1, 1999, 11 countries of the European Union (EU) adopted a common currency, the euro, as the final step in a process of European monetary cooperation which began with the European Monetary System (EMS), 1979-1998. For those 11 countries (and the 8 more members of the EU who later joined them) the adoption of a single currency offered a definite improvement over the EMS which it replaced. Do you believe they were correct in that view? Discuss.
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