Both nominal and real interest rates increased substantially after 1979 and EMS provided little benefit to its members in terms of monetary and financial stability. Furthermore, there was not enough cooperation among the member states to fully realize the potential benefits of the EMS. The smaller EMS economies such as Belgium, Denmark, and Ireland possessed short-term credibility but lack of long-term credibility. On the other hand, Germany and the Netherlands had the most long-term credibility, due to their low inflation records.