European Monetary and Cooperation Fund
European Monetary and Cooperation Fund : The EMCF, originally created in 1973, was revised and linked with the European Monetary System in 1979. While intended to support the European Currency Unit and support a reserve system of central banks, the Fund has been used to keep account of short-term borrowings and support currencies through intervention in foreign exchange markets at the request of member states. The Fund uses the Bank for International Settlements as its agent