EUROPEAN MONETARY SYSTEM (EMS)

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The purpose of the EMS, in operation since 1979, is to establish a greater measure of monetary stability in the European Community. A key element is the Exchange Rate Mechanism (ERM) under which members keep their currencies within agreed limits against one another. Britain was a party to the 1978 agreement that set up the EMS, and has always participated in its arrangements and institutions.

At the centre of the EMS is the European Currency Unit (ecu) used for a number of purposes within the system. The ecu is made up of a "basket" of agreed amounts of each of the EC member currencies and its composition is normally adjusted every five years.

In addition to its use between members of the EMS, there is a growing private sector market in ecus, particularly in ecu-denominated deposits and Eurobonds.

II. .

1. What is the purpose the EMS?

a)to establish stability in the European Union

b)to set up a measure of monetary stability

c)to establish stability in the European Community

2. What has Britain participated in?

a) communityb) agreementsc) arrangements and institutions

3. What unit does use between members of the EMS?

a)ecu

b)Eurobond

c)deposit

III. .

4. In addition to its use between members of the EMS, there is a ________.

a)growing private sector market in ecus

b)growing state sector market in ecus

c)growing money sector market in ecus

5. Britain was a party ________.

a)to the 1976 agreement that set up the EMS

b)to the 1978 agreement that set up the EU

c)to the 1978 agreement that set up the EMS

6. At the centre of the European Monetary System is ________.

a)themembers of European Union

b)the ecu used for a number of purposes within the system

c)a "basket" of the EC member currencies

IV.ϳ .

7.

a) medium of exchange b) exchange rate c) means of payment

8. e

a)borrow b)lend c)loan

9.

a)transfer payment b)deferred payment c)balance of payment

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a) interest rate b) exchange rate c) tax rate

11.

a) euro b) cash c) currency

12.

a) store of value b) means of payment c) means of production

13.

a) payment stability b) monetary stability c) balance stability

V. .

a) money b) interest c) loan d) cash e) debt f) currencies g) deposits h) money transmission system

14.method of transferring funds from one person to another

15.money in notes and coins is called

16.money placed in banks and other savings institutions constitutes

17.is a store of value

18.borrowed money that has to be paid back constitutes a

19.the income received by someone who lends money is called

20.the dollar, the euro and the yen are all

21.money borrowed from a bank is a

VI. : T- true, F- false, .

22.The EMS established a law for stability in the European Union.

23.The main point of the EMS is the ERM.

24.Britain has always participated in arrangements and institutions of the EMS.

VII. 䳺.

25. Britain .... already ....... in the agreement.

a) had been participated b) was participated c) has participated

26.The aim of the EMS ......... establish monetary stability in the EC.

a)have to b)must c)is to

27. Saving banks ............ a lot of new money and new customers.

a) is attracting b) are attracting c) has been attracting

28. Next year the necessary sum of money ............ from the bank by the technical centre.

a) are borrowed b) is borrowed c) will be borrowed

29. Having been deposited with banks, money stops ...... money.

a) being b) to be c) be

VIII. .

30. London and Tokyo are the main world capitals ...... eurocurrency dealings.

a) at b) for c) in

31.Euroloans consist ... large tranches of short-term money.

a) on b) in c) of

32.Britain has already participated ....... arrangements and institutions of the EMS.

a)by b)to c)in

IX. .

33.Our bank product is ........... on the financial market.

a) the cheapest b) cheaper c) more cheaper

34.The rate of interest for borrowing is always ........ for saving.

a) higher than b) highly c) more higher

35. ....... People's income, ........ they usually spend.

a) more, the greater b) the greater, the more c) the most, the greater

X. .

THE MONEY MARKETS

London's money markets channel wholesale, short-term funds between lenders and borrowers, an operation conducted by all the major banks and financial institutions.

The Bank of England regulates the market, authorizing many of its participants and laying down an ethical conduct followed by all participants. There is no physical market

place; negotiations are conducted mostly by telephone or via automated dealing system.

The main financial instruments are CDs; bill of exchange; Treasury and local authority bills; and short-term government stocks. The bill markets and those in which the discount houses borrow from the rest of the banking system are often referred to as the "traditional" markets.

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