1. EMS Arrangements
   1. ERM's parity Grid
      1. All currencies fixed to each other
      2. Entirely European, no reference to dollar or gold
      3. Fully systematic, no currency played a special role
      4. Responsibility for maintaining bilateral exchange rate was shared between both countries
   2. Mutual support
   3. Joint management of exchange rate realignments
      1. Central Banks allowed to change their exchange rates as this makes contribution to establishment of a level playing field
   4. The ECU
2. EMS-1
   1. First version: agreeing to disagreeing (1979-1985)
   2. Second version: towards a greater Deutchmark area (1986-1992)
   3. Crisis 1992-1993
3. Redesign of the EMS
   1. EMS - 2
   2. Softer ERM
4. Third stage of EMS