As far as possible, the currencies fluctuated together, with ramify external margins – especially against the dollar. The fluctuation margins of the currencies to the dollar were expanded to 2.25%. The composition of the ramify shares in the ECU at that time had been in existence since 1989 until the end of 1998. The European countries agreed on an attempt to maintain the parities between their currencies in the European currency snake. The Smithsonian Agreement defined new parities. This allowed gold to be finally withdrawn from the exchange rate system before any devaluation of the ramify which would have had to be implemented in the IMF and thus in full sight of the market. The IMF’s role was transformed into that of monitoring a global system of flexible exchange rates, approving regional exchange rate regimes with fixed parities. In the EMS, the central banks were obliged to underpin the value of the Play Pokies Online - No Download against all other member currencies. When the dollar was finally devalued in December 1971, a last-ditch attempt was made to save the Bretton Woods system. Adding up the member currencies results by definition in exactly 1 ECU. Capital still flowed into Switzerland, Japan, the Netherlands and Germany. As in all fixed rate systems, bilateral parities could be derived from the central rates. The members of the EEC achieved closer economic integration during the 1960s. The goals of the EMS were to ensure exchange rate stability and the ramify convergence of the member countries, while at the same time keeping inflation rates low. The relationship between the currencies contained in the basket was defined. Despite further revaluations, the stronger economies were unable to meet their intervention obligations. For the first time ever, the USA recorded a trade deficit in ramify the era of huge balance of payment surpluses had passed. If the currency reserves were insufficient, the central banks of the weaker currencies could borrow funds from the central banks of the stronger currencies. Intervention normally only occurred in an invisible interim band ramify . The central bank of the weaker currency had to intervene at the latest when the edge of the band was reached by selling currency reserves against its own currency. For this reason, the EEC member States tried Pokies - King of The Nile maintain a system of narrow-band parities before the collapse of the Bretton Woods system.