Editing European Monetary System (section)

===The EMS is created===
At a meeting of the EEC in Brussels on 5 December 1978, French President [[Valéry Giscard d'Estaing]] and German Chancellor [[Helmut Schmidt]] successfully championed the EMS, which was implemented via resolution at the meeting.<ref name="van den Bempt-1987" /><ref name=":Alogoskoufis"/> The EMS officially entered into force on 13 March 1979 with the participation of eight Member States ([[France]], [[Denmark]], [[Belgium]], [[Luxembourg]], [[Ireland]], [[Netherlands]], [[Germany]] and [[Italy]]).<ref name="De Vries-1980">{{Cite book|last=De Vries, Tom.|title=On the meaning and future of the european monetary system.|date=1980|publisher=Princeton University Press|oclc=848156047}}</ref>