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 ?
Clarke promoted the European Exchange Rate Mechanism ( three million unemployed in Britain in the early 1990s; the euro ( 20 million unemployed in the Eurozone today ( and the European constitution, so democratically obnoxious that even the French rejected it.
On 16 September 1992, Black Wednesday, while the UK government was trying to keep the pound within the European Exchange Rate Mechanism, the forerunner of the euro, Treasury officials and the Bank of England were overwhelmed by the markets.
Instead of taking responsibility after Britain's eviction from the European exchange rate mechanism in 1992, the chancellor said he'd been 'singing in the bath'.
Nevertheless, he is profoundly respected as one of the key individuals who transformed British monetary policy after the humiliation of the pound's ejection from the European Exchange Rate Mechanism (ERM) in September 1992.
Part 3, which addresses The Future: Beyond 2000, is confined to the European Exchange Rate Mechanism (ERM II) and the implications for the "outs" in their relationship with the "ins" and to the exchange rate strategies of the new EU entrants.
This book is aimed at extending the theoretical framework to better explain the 1992-1993 crisis in the European Exchange Rate Mechanism (ERM).
Moreover, with long-term interest rates close to corresponding German rates and the markka exchange rate broadly stable since it was linked to the European Exchange Rate Mechanism in October 1996, Finland is well placed for its entry into the European Economic and Monetary Union from the outset.
George Soros made millions on currency speculation which effectively forced Britain out of the European Exchange Rate Mechanism. His philanthropic activities, including the funding of this publishing venture, have been branded by extreme right-wing nationalists of the Zhirinovski camp as American propaganda.
This is a lesson repeated time and again, taught most recently by the breakdown of the European Exchange Rate Mechanism in 1992 and the plunge in the exchange value of the peso over the past two months.
The turbulence within the European Exchange Rate Mechanism (ERM), which led to the withdrawal of sterling and the devaluation of several other European currencies, subsequently induced pressures on the Irish pound, provoking steeply higher interest rates.
It was during a period when the European Exchange Rate Mechanism (ERM) was misfiring as British, Italian, Spanish and French currencies were either being devalued or seriously stressed.
The United Kingdom joined the European Exchange Rate Mechanism (ERM) on 8 October 1990, which represents a powerful commitment to attaining low inflation.

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