European Monetary System

European Monetary System (EMS), Western European organization established (1979) to link currencies of its members for the purpose of stabilizing exchange rates and offsetting inflation. The organization has 13 full members (Austria, Belgium, Denmark, Finland, France, Ireland, Italy, Luxembourg, the Netherlands, Germany, Greece, Portugal, Spain) and 1 member who is not a full participant (Great Britain); all are members of the European Community.