The European Monetary System and Italian Participation
In late 1977 and early 1978 the attempts to ensure greater exchange-rate stability between the EEC currencies were put on a new footing. The decline of the monetary Snake into a Deutschmark area, which meant that the Community had been without a clear exchange-rate policy for some time, justified renewed efforts in this field.
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- 1.To date Italy is the only country to have used this financial assistance, having been granted a credit of 1159.2 million units of account in 1974. The money was made available in December the same year to coincide with the repayment of the short-term monetary support. The total amount, however, was less than the maximum obtainable since, in view of its own balance-of-payments difficulties, the UK did not participate in the loan, though for a certain period it maintained a credit line (403.3 million EUAs) equal to that granted to the Banca d’Italia under the short-term monetary support arrangement. The repayment of the medium-term financial assistance was made in four quarterly instalments and completed on 22 September, in advance of the scheduled maturity of 18 December 1978.Google Scholar