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.