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Exchange Rate Mechanism

   Also found in: Dictionary/thesaurus, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
Exchange Rate Mechanism (ERM)
The methodology by which members of the EMS maintain their currency exchange rates within an agreed-upon range with respect to other member countries.

Exchange Rate Mechanism
Prior to the adoption of the euro, a methodology for reconciling differing exchange rates between currencies who wished to participate in the single European currency. Established in the 1979, it was known as a "semi-pegged" system in which currencies were variable with respect to each other only within a certain range. After the introduction of the euro in 1999, the exchange rate mechanism was replaced by ERM II, which reconciles exchange rates for countries wishing to join the eurozone.


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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.
Billionaire investor George Soros thought he could run Bush out of the White House in the same way he pushed sterling out of the Exchange Rate Mechanism in 1992.
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.
 
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