exchange rate mechanism

World English Dictionary
Exchange Rate Mechanism
 
n
1.  ERM the mechanism formerly used in the European Monetary System in which participating governments committed themselves to maintain the values of their currencies in relation to the ECU
2.  Also: Exchange Rate Mechanism II, ERM II the mechanism used to stabilize the currencies of European Union states that have not adopted the euro but wish to maintain the value of their currency in relation to it

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