The European Monetary System was established in 1979 to form a common currency for all member countries to be managed by a European Central Bank.

Question

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The European Monetary System was established in 1979 to stabilize exchange rates and counter inflation among member countries, not to form a common currency. The common currency (the euro) and the European Central Bank were established later, with the euro being introduced in 1999.

The European Monetary System Was Established in 1979 to Form