the European Monetary System
🔊/ðə ˌjʊərəpiːən ˈmʌnɪtri sɪstəm/
🔊/ðə ˌjʊrəpiːən ˈmɑːnɪteri sɪstəm/
(abbreviation the EMS)
a system, started in 1979, to help the member countries of the European Union to keep a steady economic balance in Europe before the introduction of the ERM