ERM II

[Image:European union emu map en.png|thumb|right|300px| ]] The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single currency, the euro, which took place on 1 January 1999.
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See exchange rate mechanism II (ERM II)    

The exchange rate arrangement which provides the framework for exchange rate policy cooperation between the euro area and EU Member States not participating in the euro area from the start of Stage Three of Economic and Monetary Union (EMU). Membership of the mechanism is voluntary. Nevertheless, Member States with a derogation are expected to join the mechanism. Foreign exchange intervention and financing at the margins of the standard or narrower fluctuation bands are, in principle, automatic and unlimited, with very short-term financing available. The ECB and the participating non-euro area national central banks could, however, suspend automatic intervention if this were to conflict with their primary objective of maintaining price stability.