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European Monetary System

noun
1.
a Common Market program designed to narrow the fluctuation of western European currencies against one another.
Abbreviation: EMS.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for European Monetary System

European Monetary System

noun
1.
the system used in the European Union for stabilizing exchange rates between the currencies of member states and financing the balance-of-payments support mechanism. The original Exchange Rate Mechanism was formed in 1979 but superseded in 1999 when the euro was adopted as official currency of 11 EU member states. A new exchange rate mechanism (ERM II) based on the euro is used to regulate the currencies of participating states that have not adopted the euro EMS
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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