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<strong>EDExpress</strong> – A PC-based software offered by the U.S. Department of Education to schools to administer the Federal Pell Grant Program and the direct loan program.
Exchange Rate Mechanism (F3)<br />A crucial element of the EUROPEAN MONETARY SYSTEM which links the values of participating European currencies and limits the extent of their fluctuations to 2.25 per cent against the rest in the system, unless a wider band has been specially negotiated, e.g. Spain's and the UK's 6 per cent. Also it produces indicators of currency divergence against the ecu, makes available short-term credit to support intervention in foreign exchange markets on behalf of currencies which diverge too far and, in extreme cases, realigns currencies at new EXCHANGE cRoss-RATES. The ERM reduces speculative gains from changes in exchange rate movements and concentrates the minds of investors on the interest rate offered for deposits in a particular currency, unless there are frequent realignments.<br /> <br /><em>Reference</em><br />Giavazzi, F. and Spaventa, L. (1990) The 'New' EMS, Paper No. 369, London: Centre for Economic Policy Research.
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