European Monetary Institute

The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB). It encouraged cooperation between the national banks of the member states of the EU.Created 1st January 1994, it was the key monetary institution of the second phase of the Economic and Monetary Union of the European Union, and was dissolved with the creation of the ECB and the European System of Central Banks.The EMI first president was Alexandre Lamfalussy.
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A temporary institution established at the start of Stage Two of Economic and Monetary Union (EMU) on 1 January 1994. The two main tasks of the EMI were to strengthen central bank cooperation and monetary policy coordination and to make the preparations required for the establishment of the European System of Central Banks (ESCB), for the conduct of the single monetary policy and for the creation of a single currency in Stage Three. It went into liquidation following the establishment of the ECB on 1 June 1998.