European exchange rate mechanism (ERM)

Definition:

The system that countries in the European Union once used to pay exchange rates within bands around an ERM central value.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Heavy

An equities market now dominated by sellers, or oversupply, resulting in falling prices. See: Overbought, resistance level, tired.

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