Mechanizm Kursów Walutowych (ERM)
Europejski Mechanizm Kursów (i interwencji) Walutowych, w skrócie ERM, został powołany, aby pomóc uspokoić kursy wymiany i pomóc doprowadzić Europę, aby stać się obszarem stabilności walutowej przed wprowadzeniem wspólnej waluty euro.
After the euro’s introduction on 1 January 1999, the original ERM was replaced by ERM II (exchange rate mechanism II) at the start of Stage Three of Economic and Monetary Union (EMU). This began with the irrevocable (not able to be changed) fixing of exchange rates, the transfer of monetary competence to the European Central Bank, and the introduction of the euro as the single currency. ERM II provides a framework for exchange rate policy co-operation between the Eurosystem (the central banking system of the euro area) and European Union Member States that are preparing to adopt the euro.