The EMI was created 1st January 1994 to oversee the second stage in the creation of monetary union.
The EMI itself replaced the earlier European Monetary Cooperation Fund (EMCF).
[2] On 1st July 1997 Lamfalussy was replaced by Wim Duisenberg who later became the ECB's President.
The institute was dissolved on 1st June 1998 with the creation of the ECB and the European System of Central Banks (ESCB) which took over its expanded responsibilities in preparation for the euro's introduction.
The EMU encouraged cooperation between the national banks of the member states of the European Union (EU) and laid the foundation for the euro.