A geographical image of Europe

Ribbed with the inscription '2 ★ ★ 2 ★ ★ 2 ★ ★ 2 ★ ★ 2 ★ ★ 2 ★ ★'

The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB). It was created 1 January 1994 and was the key monetary institution of the second phase of the Economic and Monetary Union of the European Union (EMU). The EMU encouraged cooperation between the national banks of the member states of the European Union (EU) and laid the foundation for the euro. The institute was dissolved on 1 June 1998 with the creation of the ECB and the European System of Central Banks (ESCB) which took over its expanded responsibilities as the euro was launched.