The European Monetary Agreement (EMA) was an economic arrangement signed by 17 European countries in Paris on the 5th of August 1955.[1] It replaced the European Payments Union which ended in 1958.[2] The EMA was administered by the Organisation for Economic Co-operation and Development (OECD).[3] The OECD did this to achieve economic integration by coordinating the exchange rates of the 17 member countries.[4] This allowed the countries to directly convert their currencies and integrate their balance of payments accounts, which promoted free trade.[5] Due to advanced facilities offered by the International Monetary Fund, the EMA was ended in 1972.[6] The European Economic Community oversaw the EMA aiming to achieve a greater level of economic integration within Europe.[2] The European Economic Community was the legal successor at the time, however it has advanced and is now referred to as the European Union.[7]
European Monetary Agreement
Duration
17 years
Motive
European economic integration
Outcome
Currency convertibility across Europe
^"The European Payments Union - Historical events in the European integration process (1945–2014) - CVCE Website". www.cvce.eu. Retrieved 2020-05-25.
^ abIngram, J (1973). "The case for European Monetary Integration" (PDF). 98: 1–27 – via Princeton University. {{cite journal}}: Cite journal requires |journal= (help)
^Jones, Dallas (1957). "The European Monetary Agreement, the European Payments Union, and Convertibility". The Journal of Finance. 12 (3): 333–347. doi:10.1111/j.1540-6261.1957.tb04142.x.
^"European Monetary Agreement: guide to the new convertible currencies how scheme works". South China Morning Post. 1959.
^Dinan, Desmond (2014), "The Limits of European Union", Europe Recast, Macmillan Education UK, pp. 305–351, doi:10.1007/978-1-137-43645-0_10, ISBN 978-1-137-43644-3
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