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The European Monetary Agreement (EMA) was an arrangement formed between countries within Europe to enable a sense of stability for the balance of payments accounts of member states. The EMA was implemented by the Organisation for Economic Cooperation and Development (OECD) to establish unity between the exchange rates of European countries, allowing member states to directly convert currencies.



Sources I want to use on this page:
The European Monetary Agreement, the European Payments Union, and Convertibility

European Monetary Integration

The case for European Monetary Integration.

European Monetary Agreement: guide to the new convertible currencies how scheme works

European monetary agreement comes under U.S. reappraisal: U.S. reappraises a monetary pact.