The <a href="https://en.wikipedia.org/wiki/European_Exchange_Rate_Mechanism" id="mwAWY" rel="mw:WikiLink" title="European Exchange Rate Mechanism">European Exchange Rate Mechanism</a> freezes the values of the legacy currencies in the <a href="https://en.wikipedia.org/wiki/Eurozone" id="mwAWc" rel="mw:WikiLink" title="Eurozone">Eurozone</a>, and establishes the value of the <a href="https://en.wikipedia.org/wiki/Euro" id="mwAWg" rel="mw:WikiLink" title="Euro">euro</a> currency.