European Exchange Rate Mechanism
A method of managing the relative value of the individual currencies issued by European countries. The European Exchange Rate Mechanism (ERM) was a semi-pegged system that allowed for some variation in currency exchange rates inside a percentage band above and below a central parity level. Its purpose was to reduce fluctuations in the relative forex market valuation observed between key European currencies prior to the consolidated Euro currency being introduced in 1999.
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other long term liabilities
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