MEPs voted in favour of creating a successor to the Exchange Rate Mechanism

Date: 20/06/1996

to guide the relationship between the currencies inside a monetary union and those outside. The resolution from German MEP Karl von Wogau was approved by the plenary session with a number of amendments. However, an amendment which proposed that membership of the new ERM would be compulsory was rejected, along with a suggestion that the European Central Bank should be forced to defend all currencies against speculative attacks.