The main reason behind the crises in the ERM in September 1992 and July/August 1993 was the lack of convergence of the economies of the ERM members.

Name: The main reason behind the crises in the ERM in September 1992 and July/August 1993 was the lack of convergence of the economies of the ERM members.
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The crises in the ERM in 1992 and 1993 were largely due to the diverging economic policies and conditions among member states, which led to unsustainable fixed exchange rates within the system.

The Main Reason Behind the Crises in the ERM in September