|
Tabel 39
Realignments in the European Monetary System (EMS)
With effect from |
D-marks
(DEM) |
French
francs
(FRF) |
Dutch
guilders
(NLG) |
Belgian
francs
(BEF) |
Italian
lire
(ITL) |
Irish
pounds
(IEP) |
Spanish
pesetas
(ESP) |
Pounds
sterling
(GBP) |
Portu-
guese
escudos
(PTE) |
Austrian
schillings
(ATS) |
Finnish
markka
(FIM) |
Danish
kroner
(DKK) |
With effect from |
|
Realignment percentage 1)
|
Realignment percentage1)
|
1979 sept. 24. |
+ 5,0 |
+ 3,0 |
+ 3,0 |
+ 3,0 |
+ 3,0 |
+ 3,0 |
• |
• |
• |
• |
• |
– |
1979 sept. 24. |
nov. 30. |
+ 5,0 |
+ 5,0 |
+ 5,0 |
+ 5,0 |
+ 5,0 |
+ 5,0 |
• |
• |
• |
• |
• |
– |
nov. 30. |
1981 march 23. |
– |
– |
– |
– |
- 6,0 |
– |
• |
• |
• |
• |
• |
– |
1981 march 23. |
oct. 5. |
+ 5,5 |
- 3,0 |
+ 5,5 |
– |
- 3,0 |
– |
• |
• |
• |
• |
• |
– |
oct. 5. |
1982 feb. 22. |
– |
– |
– |
- 8,5 |
– |
– |
• |
• |
• |
• |
• |
- 3,0 |
1982 feb. 22. |
june 14. |
+ 4,25 |
- 5,75 |
+ 4,25 |
– |
- 2,75 |
– |
• |
• |
• |
• |
• |
– |
june 14. |
1983 march 21.2)
|
+ 5,5 |
- 2,5 |
+ 3,5 |
+ 1,5 |
- 2,5 |
- 3,5 |
• |
• |
• |
• |
• |
+ 2,5 |
1983 march 21.2)
|
1985 july 22. |
+ 2,0 |
+ 2,0 |
+ 2,0 |
+ 2,0 |
- 6,0 |
+ 2,0 |
• |
• |
• |
• |
• |
+ 2,0 |
1985 july 22. |
1986 april 7. |
+ 3,0 |
- 3,0 |
+ 3,0 |
+ 1,0 |
– |
– |
• |
• |
• |
• |
• |
+ 1,0 |
1986 april 7. |
aug. 4. |
– |
– |
– |
– |
– |
- 8,0 |
• |
• |
• |
• |
• |
– |
aug. 4. |
1987 jan. 12. |
+ 3,0 |
– |
+ 3,0 |
+ 2,0 |
– |
– |
• |
• |
• |
• |
• |
– |
1987 jan. 12. |
1990 jan. 8. |
– |
– |
– |
– |
4)
|
– |
– |
• |
• |
• |
• |
– |
1990 jan. 8. |
1992 sept. 14. |
+ 3,5 |
+ 3,5 |
+ 3,5 |
+ 3,5 |
- 3,5 |
+ 3,5 |
+ 3,5 |
+ 3,5 |
+ 3,5 |
• |
• |
+ 3,5 |
1992 sept. 14. |
sept. 17. |
– |
– |
– |
– |
• |
– |
- 5,0 |
• |
– |
• |
• |
– |
sept. 17. |
nov. 23. |
– |
– |
– |
– |
• |
– |
- 6,0 |
• |
- 6,0 |
• |
• |
– |
nov. 23. |
1993 feb. 1. |
– |
– |
– |
– |
• |
- 10,0 |
– |
• |
– |
• |
• |
– |
1993 feb. 1. |
may 14. |
– |
– |
– |
– |
• |
– |
- 8,0 |
• |
- 6,5 |
• |
• |
– |
may 14. |
1995 march 6. |
– |
– |
– |
– |
• |
– |
- 7,0 |
• |
- 3,5 |
– |
• |
– |
1995 march 6. |
|
Development in
bilateral parties
against DKK |
Development in
bilateral parties
against DKK |
1979 march 13. |
282,237 |
122,207 |
260,439 |
17,9581 |
0,617160 |
1069,35 |
• |
• |
• |
• |
• |
|
1979 march 13. |
sept. 24. |
296,348 |
125,801 |
268,098 |
18,4862 |
0,635312 |
1100,81 |
• |
• |
• |
• |
• |
|
sept. 24. |
nov. 30. |
311,165 |
132,091 |
281,503 |
19,4105 |
0,667078 |
1155,84 |
• |
• |
• |
• |
• |
|
nov. 30. |
1981 march 23. |
– |
– |
– |
– |
0,627052 |
– |
• |
• |
• |
• |
• |
|
1981 march 23. |
oct. 5. |
328,279 |
128,128 |
296,986 |
– |
0,608240 |
– |
• |
• |
• |
• |
• |
|
oct. 5. |
1982 feb. 22. |
338,433 |
132,090 |
306,171 |
18,3098 |
0,627050 |
1191,59 |
• |
• |
• |
• |
• |
|
1982 feb. 22. |
june. 14. |
352,817 |
124,496 |
319,183 |
– |
0,609804 |
– |
• |
• |
• |
• |
• |
|
june. 14. |
1983 march 21.2)
|
363,141 |
118,423 |
322,297 |
18,1312 |
0,580057 |
1121,84 |
• |
• |
• |
• |
• |
|
1983 march 21.2)
|
1985 juli 22. |
– |
– |
– |
– |
0,534563 |
– |
• |
• |
• |
• |
• |
|
1985 juli 22. |
1986 april 7. |
370,332 |
113,732 |
328,676 |
– |
0,529268 |
1110,72 |
• |
• |
• |
• |
• |
|
1986 april 7. |
aug. 4. |
– |
– |
– |
– |
– |
1021,86 |
• |
• |
• |
• |
• |
|
aug. 4. |
1987 jan. 12. |
381,443 |
– |
338,537 |
18,4938 |
– |
– |
• |
• |
• |
• |
• |
|
1987 jan. 12. |
1989 juni 19.3) |
– |
– |
– |
– |
– |
– |
5,86837 |
• |
• |
• |
• |
|
1989 juni 19. 3) |
1990 jan. 8. |
– |
– |
– |
– |
0,509803 |
– |
– |
• |
• |
• |
• |
|
1990 jan. 8. |
okt. 8. 3)) |
– |
– |
– |
– |
– |
– |
– |
1125,26 |
• |
• |
• |
|
okt. 8. 3)
|
1992 april 6. 3) |
– |
– |
– |
– |
– |
– |
– |
– |
4,38747 |
• |
• |
|
1992 april 6. 3)
|
sept. 14. |
– |
– |
– |
– |
0,475325 |
– |
– |
– |
– |
• |
• |
|
sept. 14. |
sept. 17.5) |
– |
– |
– |
– |
• |
– |
5,57496 |
• |
– |
• |
• |
|
sept. 17.5) |
nov. 23. |
– |
– |
– |
– |
• |
– |
5,24047 |
• |
4,12423 |
• |
• |
|
nov. 23. |
1993 feb. 1. |
– |
– |
– |
– |
• |
919,676 |
– |
• |
– |
• |
• |
|
1993 feb. 1. |
may 14. |
– |
– |
– |
– |
• |
– |
4,82126 |
• |
3,85618 |
• |
• |
|
may 14. |
aug. 2.6) |
– |
– |
– |
– |
• |
– |
– |
• |
– |
• |
• |
|
aug. 2.6) |
1995 jan. 9. |
– |
– |
– |
– |
• |
– |
– |
• |
– |
54,2170 |
• |
|
1995 jan. 9. |
march 6. |
– |
– |
– |
– |
• |
– |
4,48376 |
• |
3,72119 |
– |
• |
|
march 6. |
1996 oct. 14. |
– |
– |
– |
– |
• |
– |
– |
• |
– |
– |
125,474 |
|
1996 oct. 14. |
nov. 25. |
– |
– |
– |
– |
0,385294 |
– |
– |
• |
– |
– |
– |
|
nov. 25. |
|
Total adjustment in
the period, per cent |
+ 35,15 |
- 6,93 |
+ 29,99 |
+ 2,98 |
- 37,6 |
- 14,00 |
- 23,59 |
– |
- 15,19 |
– |
– |
|
Total adjustment in
the period, per cent |
|
|
Note: The European Monetary System (EMS) was established on March 13, 1979.
|
|
1)Corresponding to the official wording of the press communiqués issued. |
|
2) As the sterling rate rose strongly after the realignment on March 21, 1983, it was decided in May 1983 to carry out a formal EMS realignment designed to place sterling in the ECU at the market rate of May 13, 1983 at the same time as the agricultural price agreement. Bilateral parities and intervention rates remained unchanged. |
|
3) Spain, the UK and Portugal joined the ERM with a fluctuation limit of +/-6 per cent. The other bilateral parities and intervention rates remained unchanged. |
|
4) On January 8, 1990 the fluctuation limits for the Italian lira were narrowed from +/-6 per cent to +/-2¼ per cent around the bilateral central rates. In connection with the narrowing of the fluctuation limits the intervention rates for the lira were altered vis-à-vis the other ERM currencies. The alteration was made so that the lower limit for the lira vis-à-vis the other currencies remained unchanged, whereas the upper limit was altered. |
|
5) Intervention obligation for the pound sterling and the Italian lira suspended and intervention rates for Spanish peseta written down by 5 per cent. |
|
6) The central rates remained unchanged, but the fluctuation margins for all currencies were widened to +/- 15 per cent. (However, the German and Dutch authorities agreed that the previous intervention rates between the D-mark and the Dutch guilder should continue to apply.) |
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