monetary system

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1. The system used by a country to provide the economy with money for internal use and to control the exchange of its own currency with those of foreign countries. It also includes the system used by a country for implementing its monetary policy, i.e. its policy regarding the money supply.

2. A system used to control the exchange rate of a group of countries, such as the Exchange Rate Mechanism of the European Monetary System and its successor, ERM II.

Subjects: Economics — Business and Management.

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