EXCHANGE RATE MECHANISM Definition

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EXCHANGE RATE MECHANISM (ERM) is the precursor to the European Union's single currency (Euro) by which participating governments committed themselves to maintain the value of their currencies in relation to the European currency unit (Euro).

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EMU see Economic and Monetary Union.

CHECKING ACCOUNT is an account at a bank or savings and loan from which an individual can withdraw money by check, ATM card or debit card.

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