European Monetary System

European Monetary System AN agreement to set up a European Monetary System (EMS) on January 1, 1979 was reached at a meeting of the European Council in Brussels on December 4-5, 1978. Belgium, Denmark, the Federal Republic of Germany, France. Luxembourg, and the Netherlands indicated immediately following the meeting that they would become members of the EMS. The Italian Prime Minister, Guilio Andreotti, said on December 12 that he recommended that his country should join the EMS as of January 1, 1979, and the Italian Parliament approved on December 13. Of the other EC members, Ireland will take a decision soon as to whether it will participate in the EMS from the outset, while the United Kingdom does not intend to participate in the new system at this stage. Norway, which had been remember of the European common margins arrangement (the 'snake'), announced on December 11 that' it was withdrawing from the 'snake' and would not participate in the EMS.