European Monetary System

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European Monetary System

n
(Banking & Finance) the system used in the European Union for stabilizing exchange rates between the currencies of member states and financing the balance-of-payments support mechanism. The original Exchange Rate Mechanism was formed in 1979 but superseded in 1999 when the euro was adopted as official currency of 11 EU member states. A new exchange rate mechanism (ERM II) based on the euro is used to regulate the currencies of participating states that have not adopted the euro. Abbreviation: EMS

European Monetary System

A financial system used to stabilize exchange rates between currencies of member states.
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