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13/03/1979 EU sets up ERM currency regime, euro's forerunner

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European Exchange Rate Mechanism (ERM) - explained

The European Exchange Rate Mechanism is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. Before the introduction of the euro, exchange rates were based on the European Currency Unit whose value was determined as a weighted average of the participating currencies.
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    • Essentials 

    • Intent and operation of the ERM II 

    • Historical exchange-rate regimes for EU members 

    • History of the ERM II