European Monetary System

noun

1. a Common Market program designed to narrow the fluctuation of western European currencies against one another. : EMS

European Monetary System

noun

1. the system used in the European Union for stabilizing exchange rates between the currencies of member states and financing the balance-of-payments support mechanism. The original Exchange Rate Mechanism was formed in 1979 but superseded in 1999 when the euro was adopted as official currency of 11 EU member states. A new exchange rate mechanism (ERM II) based on the euro is used to regulate the currencies of participating states that have not adopted the euro EMS