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A European monetary system adopted in 1972, in which the exchange rate between the participants was restricted by a fluctuation limit of 2¼%. The participants were the Belgian franc, Danish krone, French franc, Irish punt, Dutch guilder, German Deutschmark, and Italian lira, the dominating currency being the Deutschmark. Sterling did not participate in this arrangement, which was replaced in 1979 by the European Monetary System.

Subjects: Financial Institutions and Services.

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