euro pean monetary system

European Monetary System

noun
a Common Market program designed to narrow the fluctuation of western European currencies against one another. Abbreviation: EMS
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European Monetary System
 
n
EMS 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 The original Exchange Rate Mechanism was formed in 1979 but superseded in 1999 when the euro was adopted as official currency of 11 EU member states.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

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