Triple

Given a phrase, classify it is english named entity (e.g., persons, organizations, works of art) in Latin script, or not (e.g., literals, dates, URLs, verbose phrases). For disambiguation, the statement where the phrase occurs as object is also given. Please return a JSON object with `phrase` (string, the phrase being analyzed) and `is_ne` (boolean, indicating whether the phrase is a Named Entity).

Phrase: Exchange Rate Mechanism II | Statement: [Economic and Monetary Union of the European Union, hasMechanism, Exchange Rate Mechanism II]

Target entity: Exchange Rate Mechanism II
Context triple: [Economic and Monetary Union of the European Union, hasMechanism, Exchange Rate Mechanism II]

• A. Exchange Rate Mechanism
  The Exchange Rate Mechanism was a European monetary system designed to reduce exchange rate variability and achieve monetary stability in preparation for the Economic and Monetary Union and the eventual adoption of the euro.
• B. Linked Exchange Rate System
  The Linked Exchange Rate System is Hong Kong’s currency regime that pegs the Hong Kong dollar to the U.S. dollar within a narrow trading band to maintain monetary and financial stability.
• C. Bulgarian currency board
  The Bulgarian currency board is a monetary authority arrangement that strictly backs the Bulgarian lev with foreign reserves and maintains its fixed exchange rate, limiting the central bank’s ability to conduct independent monetary policy.
• D. European Monetary System
  The European Monetary System was a regional arrangement among European Community countries, established in 1979, to stabilize exchange rates and coordinate monetary policy as a step toward deeper economic and monetary integration.
• E. GCC Monetary Union (proposed)
  The proposed GCC Monetary Union is a planned economic integration initiative aiming to establish a single currency and unified monetary policy among member states of the Gulf Cooperation Council.
• F. None of above. chosen
• G. Unsure - the case is ambiguous/there is not enough information to decide.

Generate a one-sentence description of the target entity. 
You are given a context triple in the form (subject, predicate, object), where the object is the target entity. 
# Instructions
Use the triple to infer relevant information about the entity. Describe the entity based on what is most defining, well-known. 
Avoid repeating the information from the triple, unless really essential.
# Response Format
Return only the sentence: "Description: [one-sentence description of the target entity]"

Entity: Exchange Rate Mechanism II
Triple: [Economic and Monetary Union of the European Union, hasMechanism, Exchange Rate Mechanism II]

Exchange Rate Mechanism II is the European Union’s framework that links non-euro EU currencies to the euro within agreed fluctuation bands as a step toward potential adoption of the common currency.

Target entity: Exchange Rate Mechanism II
Target entity description: Exchange Rate Mechanism II is the European Union’s framework that links non-euro EU currencies to the euro within agreed fluctuation bands as a step toward potential adoption of the common currency.

• A. Exchange Rate Mechanism chosen
  The Exchange Rate Mechanism was a European monetary system designed to reduce exchange rate variability and achieve monetary stability in preparation for the Economic and Monetary Union and the eventual adoption of the euro.
• B. Linked Exchange Rate System
  The Linked Exchange Rate System is Hong Kong’s currency regime that pegs the Hong Kong dollar to the U.S. dollar within a narrow trading band to maintain monetary and financial stability.
• C. Bulgarian currency board
  The Bulgarian currency board is a monetary authority arrangement that strictly backs the Bulgarian lev with foreign reserves and maintains its fixed exchange rate, limiting the central bank’s ability to conduct independent monetary policy.
• D. European Monetary System
  The European Monetary System was a regional arrangement among European Community countries, established in 1979, to stabilize exchange rates and coordinate monetary policy as a step toward deeper economic and monetary integration.
• E. GCC Monetary Union (proposed)
  The proposed GCC Monetary Union is a planned economic integration initiative aiming to establish a single currency and unified monetary policy among member states of the Gulf Cooperation Council.
• F. None of above.