Exchange Rate Mechanism
(缩略词：ERM)
- an arrangement within the European Monetary System that allows the value of participating currencies to fluctuate to a defined degree in relation to each other so as to control exchange rates. Each currency is given a rate of exchange with the ecu, from which it is allowed to fluctuate by no more than a specified amount; if it moves beyond this the government in question must alter its economic policies or reset the currency's rate with the ecu.汇率机制（欧洲货币体系允许其成员国货币币值相互之间在某一规定幅度内上下浮动, 以达到控制汇率的目的; 规定每种货币与欧洲货币单位间的汇价, 允许货币按照某一规定的幅度浮动; 一旦货币浮动超出这一范围, 该货币发行国政府必须改变其经济政策, 或者重新设定该货币与欧洲货币单位间的汇价）。