 The system set up a central rate and then bilateral rates were established between members.The EMS was similar to the Bretton Woods system but did not officially have an individual currency at the center, but Germany came to dominate the monetary system, due to Germany's size relative to the other participating countries and their central bank's success with controlling inflation.The EMS provided a stable system though it was still possible to have adjustable exchange rates and the Danish government used any opportunity to devaluate the currency.