Definition of the ERM from the Oxford Advanced Learner's Dictionary

 

the ERM

 
BrE
 
; NAmE
 
the exchange-rate mechanism
 
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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. see also Black Wednesday