ERM
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ERM
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Exchange Rate Mechanism
Used prior to the adoption of the euro, a method for reconciling differing exchange rates between currencies, allowing participation in the single European currency. Established in 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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved