EUROPEAN MONETARY INSTITUTE

A temporary institution established at the start of Stage Two of Economic and Monetary Union (EMU) on 1 January 1994. The two main tasks of the EMI were to strengthen central bank cooperation and monetary policy coordination and to make the preparations required for the establishment of the European System of Central Banks (ESCB), for the conduct of the single monetary policy and for the creation of a single currency in Stage Three. It went into liquidation following the establishment of the ECB on 1 June 1998.