The European Monetary System (EMS) relied on the ______ to maintain fixed rates of exchange, but in 1992, several notable defections from the system created doubt that a monetary union could occur.

Name: The European Monetary System (EMS) relied on the ______ to maintain fixed rates of exchange, but in 1992, several notable defections from the system created doubt that a monetary union could occur.
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Question

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The EMS relied on the ERM (European Exchange Rate Mechanism) to maintain fixed rates of exchange.

The European Monetary System (EMS) Relied on the ______ to Maintain