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.
After the adoption of the euro, policy changed to linking currencies of countries outside the Eurozone to the euro (having the common currency as a central point). The goal was to improve stability of those currencies, as well as to gain an evaluation mechanism for potential Eurozone members. This mechanism is known as ERM2.
Read more about European Exchange Rate Mechanism: Intent and Operation of The ERM, Irish Pound Breaks Parity With Pound Sterling, Pound Sterling's Forced Withdrawal From The ERM, Increase of Margins, Replacement With The Euro and ERM II, Current Status of The ERM II, Exchange Rate Bands
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“Unsophisticated and confiding, they are easily led into every vice, and humanity weeps over the ruin thus remorselessly inflicted upon them by their European civilizers.”
—Herman Melville (1819–1891)
“I can exchange opinion with any neighbouring mind,
I have as healthy flesh and blood as any rhymer’s had,
But O! my Heart could bear no more when the upland caught the wind;
I ran, I ran, from my love’s side because my Heart went mad.”
—William Butler Yeats (1865–1939)
“I don’t know but a book in a man’s brain is better off than a book bound in calf—at any rate it is safer from criticism. And taking a book off the brain, is akin to the ticklish & dangerous business of taking an old painting off a panel—you have to scrape off the whole brain in order to get at it with due safety—& even then, the painting may not be worth the trouble.”
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—Ana Castillo (b. 1953)