title: European Monetary Cooperation Fund
text: # European Monetary Cooperation Fund
  
  Part of a series on the :
  
  History of the European Union :
  
  Timeline
  
  Pre-1948 ideas
  
  1948–1957
  
  1958–1972
  
  1973–1993
  
  1993–2004
  
  2004–present :
  
  Organisation European Communities (1958–2009) European Coal and Steel Community (1952–2002) European Economic Community (1958–1993) European Atomic Energy Community (1958–present) European Community (1993–2009) Justice and Home Affairs (1993–2003) Police and Judicial Co-operation in Criminal Matters (2003–2009) Common Foreign and Security Policy pillar (1993–2009) Western European Union (1954–2011) Western Union (1948–1954) :
  
  Treaties Treaty of Paris 1951 Treaty of Rome 1957 Merger Treaty 1965 Single European Act 1986 Maastricht Treaty 1992 Treaty of Amsterdam 1997 Treaty of Nice 2001 Treaty of Lisbon 2007 :
  
  Commissions Hallstein Commission 1958 Rey Commission 1967 Malfatti Commission 1970 Mansholt Commission 1972 Ortoli Commission 1973 Jenkins Commission 1977 Thorn Commission 1981 Delors Commission 1985 Santer Commission 1994 Prodi Commission 1999 Barroso Commission 2004 Juncker Commission 2014 Von der Leyen Commission 2019 :
  
  Topics
  
  History of Europe
  
  History of the euro
  
  History of defence integration
  
  History of enlargement
  
  List of presidents
  
  List of founders :
  
  European Union portal :
  
  vte :
  
  The European Monetary Cooperation Fund (EMCF) was a fund established in April 1973 by members of the European Economic Community (EEC) to ensure concerted action for a proper functioning of the Community exchange system. The EMCF was located in Luxembourg. The decision-making body, the Board of Governors, was composed of the governors from the EEC countries' central banks. In contrast to what its name indicates, the fund did not hold any paid-in capital.
  
  The concerted action tasks attributed to the fund were:
  
  * the progressive narrowing of the margins of fluctuation of the Community currencies against each other;
  * interventions in Community currencies on the exchange markets;
  * settlements between Central Banks leading to a concerted policy on reserves.
  
  This exchange rate system, also called 'the snake', followed the Snake in the tunnel after Nixon's decision to let the dollar float freely. In 1979 the European Monetary System (EMS) was established and replaced 'the snake' and the EMCF took charge of the same tasks within the European Monetary Systems' European Exchange Rate Mechanism (ERM).
  
  It was dissolved in January 1994 and succeeded by the European Monetary Institute which was later replaced by the European Central Bank.
  
  