Exchange rate mechanism

Japanese: 為替相場メカニズム - かわせそうばメカニズム

Also known as ERM, an acronym for exchange rate mechanism. It is a rule for stabilizing exchange rates that is one of the foundations of the European Monetary System (EMS), and was established in 1979. It sets a certain range for the degree of deviation between the European Currency Unit (ECU) and each national currency in the region, and if that limit is reached, the relevant country is obligated to intervene in the market without limit using the opposite currency.
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Source : Heibonsha Encyclopedia About MyPedia Information

Japanese:

exchange rate mechanismの頭文字からERMとも。ヨーロッパ通貨制度（EMS）の根幹の一つを成す，為替安定化のためのルールで，1979年発足。ヨーロッパ通貨単位（ECU）と域内各国通貨の乖離度を一定の幅に設定し，その限度にきた場合には，当事国は反対通貨を用いて無制限に介入する義務を負うとするもの。
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