The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB), operating between 1994 and 1998.
History
The EMI was created 1 January 1994 to oversee the second stage in the creation of monetary union. The EMI itself took over from the earlier European Monetary Cooperation Fund (EMCF).[1] The EMI met for the first time on 12 January under its first President, Alexandre Lamfalussy.[2] On 1 July 1997 Lamfalussy was replaced by Wim Duisenberg who would then go on to serve as the ECB's President. The institute was dissolved on 1 June 1998 with the creation of the ECB and the European System of Central Banks (ESCB) which took over its expanded responsibilities as the euro was launched.