ERM的意思|ERM的解释-里氏词典

ERM

abbr.
汇率机制 (Exchange Rate Mechanism)

It is in this sense that the UK was seen as uncompetitive at the 1990-92 ERM exchange rate. Uncompetitiveness here means an overvalued exchange rate.
The reason is sterling's probable entry in the exchange rate mechanism (ERM) of the European Monetary System (EMS) this year.
With the September 20 Maastricht referendum still a week away, it would have been difficult to fend off speculative attacks against the franc. The speculation against the ERM in September was unprecedented.
Raising interest rates was political anathema. By Tuesday night the pound closed in London just a fifth of a pfennig above its ERM floor of DM2.778, its lowest ever in the mechanism.
Opinion polls which increasingly show that a French 'no' vote is a real possibility increases the strain on weak ERM members; if the monetary union project finally unravels, the markets may lose faith altogether in current ERM parities.
Opinion polls which increasingly show that a French 'no' vote is a real possibility increases the strain on weak ERM members; if the monetary union project finally unravels, the markets may lose faith altogether in current ERM parities.
Already conscious of the price factor, importers are concerned that the lira's devaluation and exit from the ERM will reverse the gains they have made. Cars of German and French origin are the most vulnerable.
Since the UK joined the ERM it has cut rates nine times.
However, the OECD recognised the difficulties of bringing the escudo into the ERM during a period of high inflation. Consumer price inflation stood at 11.4 per cent last year - compared with an EC average of 4.8 per cent.
He has called on countries such as France and Belgium to take advantage of the looser ERM arrangements to cut interest rates and promote economic recovery. In Brussels, the Commission is pinning its hopes on the European Monetary Institute.
Mr Michael Howard, who, as is proper for an environment secretary, is busying himself with the promotion of 'Helping the Earth' week, is known to regard even the distant prospect of re-entry to the ERM with hostility.
They either harden into rigidly fixed exchange rates - a common currency in all but the convenience - or they break down into some kind of 'dirty' floating. ERM members would be well advised to press ahead with maximum speed to monetary union.
Steel shares were up in the US and closed 2 higher in London at 73 1/2 p. Medeva picked up 4 at 219p as Nikko Europe moved to a hold from a buy. Selected Irish companies attracted interest on the belief that the country would leave the ERM at the weekend.
The Treasury dug in and said that 3 per cent was the maximum feasible. The emotion which that debate engendered was comparable with that which occurred later over 'shadowing' the D-Mark or joining the ERM.
But it concedes that prolonged high interest rates may not be sustainable if member states are in recession. The report declares that making market operators aware of the risks and possible losses from speculation is critical to managing the ERM.
The French currency closed fractionally firmer at FFr3.389 against the D-Mark. The Italian lira continued to fall in spite of the reduction in ERM tensions, suggesting that it is now domestic factors determining the lira's level.
But barring a miracle it looks only a matter of time before the French franc's position in the ERM is untenable too.
By last night the system's hard core currencies - the D-Mark, French franc and the Benelux currencies - were all trading close to one another in the ERM grid.
They read uncannily like the articles that appeared at the beginning of October 1991 to celebrate the first anniversary of the UK's ERM entry.
When the pound was on its way out of the ERM last September, they appeared across the media to sing the praises of devaluation.
What has gone wrong stems more from aspects of social policy than anything to do with the ERM.
Who knows, if ERM membership does eventually deliver for Britain a more stable manufacturing sector, the country's newly articulate and well-organised engineers might indeed be in a better position to climb the corporate greasy pole.
Any action to reduce the pound's DM2.95 central rate in the European exchange rate mechanism - or to leave the ERM - would be seen as a huge backward step.
The Belgian and Dutch currencies are both stronger than the D-Mark within ERM, though neither country is likely to rush in with dramatic cuts.
There was also the television debate after Black Wednesday's ERM exit in which he admitted that he had never read the Maastricht treaty. Such mishandling can be excused and overcome in a battle against vested interests.
The drastic loosening in monetary policy since September's ERM debacle should deliver a significant boost to demand and incomes.
In other words, should Mr Norman Lamont or any successor as chancellor restore sterling to the exchange rate mechanism (ERM) or perpetuate the present punch-drunk float?
For Mr John Major, that time could be nigh. The prime minister has repeatedly said that he is prepared to do whatever may be necessary to maintain sterling's position within the ERM.
But in US trading it fell further, to below FFr3.42. Another factor worrying dealers was that the franc fell to 77 percentage points on the ERM divergence indicator.
Then, overnight lending rates were pushed up to 500 per cent in a vain bid to keep the krona pegged to the ERM as Sweden prepared to join the European Community.

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