ABSTRACT
A. The Three Components of the European Monetary System The European Monetary System (EMS) will first be analysed in the light of the objectives which were outlined when the system was conceived and which stressed its role as a decisive element contributing to the cohesion of the Community and to the process of European integration. It shall later be seen that this ambitious original plan has suffered a partial setback, largely as a consequence of the renewed inflationary push and of payments imbalances which are mainly attributable to the second oil shock.
