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extent of fluctuation of exchange rates is not identical, the range of fluctuations is wide. Thus the exchange only concerning some currencies within a certain range is pegged, concerning other currencies it freely changes.

Outside EVS there are number of the West European member states of the European Union: Great Britain, Denmark and Sweden which from the moment of creation of EVS, preferred not to participate in it, and also Greece though wishing to enter, but dock not satisfying to some criteria of convergence.

The conditional cost of ECU was determined by a method of the currency basket including currencies of all 12 EU countries. These are the following currencies: DM, French franc, English pound, Italian lira, Dutch gulden, Belgian franc, peseta, Danish krone, Irish pound, escudo Portuguese, Greek drachma and Luxembourg franc.

Besides, it is necessary to pay attention to that fact that the EU includes 15 states – Austria, Belgium, Great Britain, Germany, Greece, Denmark, Ireland, Spain, Italy, Luxembourg, the Netherlands, Portugal, Finland, France and Sweden.

The international currency system – the dynamic developing system. It constantly changes, evolves. The direction of evolution of MVS is defined by the leading tendencies of transformation of economy of the countries of the West, change by them of conditions and requirements of the world economy in general.

The main task of the international currency system — regulation of the sphere of international payments and the currency markets for ensuring sustained economic growth, control of inflation, maintenance of balance of the external economic exchange and a payment turn of the different countries. MVS is one of the major mechanisms which can promote expansion or, on the contrary, restriction of the international economic relations, and also considerably to influence internal monetary circulation.

The International Currency System (ICS) is a form of the organization of the currency relations within the world economy. It resulted from evolution of world capitalist economy and is legally fixed by interstate agreements. Basic elements of the international currency system are:

Function of gold as a measure of value and a reference point of exchange rates was abolished. Gold loses monetary functions and becomes usual goods with free price for it. At the same time it remains a special commodity liquid asset. In case of need gold can be sold, and the received currency is used for payment.