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European Exchange Rate Mechanism
The
European Exchange Rate Mechanism
(
ERM
) was a system introduced by the
European Economic Community
on 13 March 1979, as part of the
European Monetary System
(EMS), to reduce
exchange rate
variability and achieve monetary stability in Europe, in preparation for
Economic and Monetary Union
and the introduction of a
single currency
, the
euro
, which took place on 1 January 1999.
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