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。

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In many ways, the crisis resembles the demise of the Exchange Rate Mechanism (ERM), a system of currency pegs, in the early 1990s.

从许多方面看，这次危机宣布了欧洲汇率机制(erm)的瓦解。欧洲汇率机制是20世纪90年代初形成的固定汇率制度。

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In many ways, the crisis resembles the demise of the Exchange Rate Mechanism (ERM), a system of currency pegs, in the early 1990s.

从许多方面看，这次危机宣布了欧洲汇率机制(erm)的瓦解。欧洲汇率机制是20世纪90年代初形成的固定汇率制度。

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