European Monetary System (1979-99). Which of the following statement does not correctly characterize the EMS? Question options: Re-enactment of the Bretton-woods system on a European scale Established cross par values among EMS currencies which were closely defended by EMS central banks Prepared the launch of the single currency in 1999 since the ECU became the euro. Anchored all member countries' currencies to the ECU Allowed for building a fiscal union among EMS member countries