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European Monetary Cooperation Fund


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(EMCOF)

A fund organized by the European Monetary System in which members of the European Union deposited reserves to provide a pool of resources to stabilize exchange rates and to finance balance of payments support. In return for depositing 20% of their gold and gross dollar reserves, member states were given access to a wide variety of credit facilities, denominated in ECU, from the fund. It ceased operations with the introduction of the euro in 1999.

Subjects: Business and Management.


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