the ERM
/ði ˌiː ɑːr ˈem/
/ði ˌiː ɑːr ˈem/
the exchange-rate mechanism
- an agreement reached between member countries of the European Union in 1979 to stop their currencies changing too much in value in relation to each other. Britain joined the ERM in 1990, but left it in September 1992 after the pound fell below the lowest level allowed.
欧洲联盟成员国之间在1979年达成的一项协议，以阻止其货币之间的价值变动太大。英国于1990年加入ERM，但在英镑跌破允许的最低水平后于1992年9月退出。