and Sweden. The process of creating the Euro, a common European currency, began in 1989 by European Commission president, Jacques Delors. The major transition that would then follow was set up in three stages. Stage one would immediately abolish all restrictions of movement of capital between the member countries. Stage two established European Monetary Institute (EMI), a central bank. Stage three consisted of establishing set exchange rates for the currencies of the members. (Persson 3)
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