From 1979 until the introduction of the euro on 1 January 1999 Denmark participated in the Exchange Rate Mechanism, ERM, within the European Monetary System, EMS. The ERM maintained the "snake's" band of +/-2.25 per cent, but countries which did not participate in the system from the beginning could operate with a fluctuation band of up to +/-6 per cent for a transition period. Italy was one of the countries to utilise this option. The system also allowed for exchange-rate adjustments to be made from time to time.
Last update: 05/09/2011
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The European Monetary System (EMS)
