After the demise of the Bretton Woods system in 1971, most of the EEC countries agreed in 1972 to maintain stable exchange rates by preventing exchange rate fluctuations of more than 2.25% (the European "currency snake").
Efter sammenbruddet af Bretton Woods-systemet i 1971, enedes de fleste af EF-landende 1972 om at opretholde stabile valutakurser ved at forhindre valuta udsving på mere end 2,25%. (kaldet det europæiske ”slangesamarbejde").