This paper examines the initial operational phase of the European Monetary System (EMS) from its inception in March 1979 to the end of 1982. Authored by economists and officials involved with the system, it analyzes the key developments, challenges, and experiences during these formative years. The work draws upon internal knowledge and observations to detail the functioning of the EMS and its impact on member states.

This paper offers a detailed, contemporary account of the European Monetary System's crucial early years, written by individuals closely associated with its development and operation. Its value lies in providing an insider's perspective on the practical implementation and challenges faced during the 1979-1982 period. The analysis is expected to be of significant interest to economists, historians, and policymakers studying European economic integration and monetary policy.