The European Monetary System (EMS) was a managed exchange rate agreement created in 1979 to promote closer cooperation on monetary policy among members of the European Community (EU).
The Eurozone refers to the economic and geographical region consisting of all countries of the European Union (EU) that use the euro as their national currency.
The Exchange Rate Mechanism (ERM) is the way in which governments can influence the relative price of their national currency in foreign exchange markets.