Currency snake

The currency snake was an exchange rate system that existed from 1973 to 1977. The currency snake was an currency exchange rate system of fixed exchange rates.

All countries participating in the snake had fixed exchange rates against each other. The currency snake was formed by the EC and Sweden participated in this exchange rate cooperation. Sweden finally left the currency snake after three devaluations of the Swedish currency.

The inflation in Sweden was too high compared to other countries and this made it impossible to maintain the fixed exchange rates of the currency snake.