European exchange rate mechanism


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European exchange rate mechanism (ERM)

The system that countries in the European Union once used to pay exchange rates within bands around an ERM central value.
References in periodicals archive ?
5 cents to within a cent of the $2 mark not seen since before sterling was driven out of the European Exchange Rate Mechanism in September, 1992.
Lord Lamont was running the Treasury on Black Wednesday in 1992, when Britain withdrew from the European Exchange Rate Mechanism.
They remember the disaster of the European Exchange Rate Mechanism - which kicked Britain out five years ago.
Analysts said the surge raised the prospect of a $2 pound for the first time since the UK currency crashed so ignominously out of the European exchange rate mechanism.
Sterling last reached the two dollar mark in September 1992, just before Black Wednesday, when the government had to withdraw it from the European Exchange Rate Mechanism.
Our exit from the ERM - the long disgraced European Exchange Rate Mechanism, a kind of pegging of currencies, which was eventually supposed to run seamlessly into the introduction of the euro - is etched deep into my soul.
Hamstrung by his, and Labour's, blinkered acceptance of the European Exchange Rate Mechanism (ERM), Smith was unable to capitalise on the debacle of Black Wednesday when the chickens engendered by Britain's ill-advised membership of the ERM finally came home to roost - and how.
9140, its highest since the run-up to Black Wednesday in September 1992 when sterling crashed out of the European Exchange Rate Mechanism.
There was also 'Black Wednesday' in 1992, when the BoE vainly fought to keep the pound's value within the limits set by the European Exchange Rate Mechanism.
That was the day - September 16, 1992 - when the UK crashed out of the European exchange rate mechanism and interest rates rocketed to 15 per cent as international speculator George Soros wreaked havoc with sterling.
It is ten years ago since the fateful day when the then Conservative government of Prime Minister John Major was forced by currency speculators to abandon the European Exchange Rate Mechanism, writes Ashley Seager.
Lord Lamont was running the Treasury on Black Wednesday in 1992 when Britain withdrew from the European Exchange Rate Mechanism, which was designed to pave the way for a single currency.

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