The collapse of the Bretton Woods system of fixed exchange rates during the 1970s prompted the EC to establish its own system. It was called the:

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The collapse of the Bretton Woods system led the EC to establish the European Monetary System (EMS) in 1979. The EMS aimed to stabilize exchange rates among member countries by creating a system of fixed exchange rates with narrow bands of fluctuation. It also introduced the European Currency Unit (ECU) as a common unit of account.

The Collapse of the Bretton Woods System of Fixed Exchange