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European exchange rate mechanism |
Also found in: Acronyms, Wikipedia, Hutchinson | 0.01 sec. |
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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| 9462 late Wednesday in New York, marking its strongest showing against the dollar since September 1992, before Britain cashed out of the European Exchange Rate Mechanism. The country must have participated for at least two years in the European Exchange Rate Mechanism (ERM II) within the normal fluctuation margins, without any devaluation being required. The Athens stock exchange has reached unprecedented heights, registering one of the largest increases among European bourses in 1998, while the drachma has been trading at several percentage points above its central rate since it was admitted to the European Exchange Rate Mechanism in March 1998. |
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