One of the mysteries of the English language finally explained.
A monetary system inaugurated by the European Community in 1979 to coordinate and stabilize the exchange rates of the currencies of member countries, as a prelude to monetary union. It is based on the use of the Exchange Rate Mechanism.
European Monetary System/ˌyo͝orəˌpēən ˈmänəˌterē ˌsistəm/
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