In a traditional printing house, the space occupied by the capital letter M and the mandatory space around it is always a square. The height or width of the square, "em", is used as the unit of space used by the text. For example, from this definition, one em is the line height of the text with scroll and decode spaces enabled, but without any extra line spacing.
The actual em size in points (if you are talking about paper) or pixels (if you are talking about computers) depends on the font and font size that you have chosen.
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