After Italy left the European Exchange rate Mechanism (ERM) and devalued its currency in 1992, for example, it suffered from volatile swings in interest rates due to a lack of investor confidence.

自从1992年意大利退出欧洲汇率机制(ERM)并将自己的货币贬值后，由于投资者信心不足，利率上下波动。

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The European Monetary System and the Exchange Rate Mechanism (ERM) are created.

1978年欧洲货币体系与汇率机制（ERM）创建。

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At the time all 12 EU countries, bar Greece, were in the exchange-rate mechanism (ERM), a system that tied currencies to each other within narrow trading bounds.

当时，所有12个欧盟成员国(出希腊以外)都加入了汇率机制。这是一个将每个国家货币和其它任何一个国家货币套牢的的体系，汇率只能在很窄浮度内摆动。

youdao

Having been opposed to the Conservative government's decision to join the European exchange rate mechanism (ERM), he had to deal with "Black Wednesday".

BBC: Obituary: Lord George

Back in 1979, Europe launched what was called the Exchange Rate Mechanism, or ERM.

FORBES: Is It 1992-93 Again For Europe?