We present PEM, the first fully automatic metric to evaluate the quality of paraphrases, and consequently, that of paraphrase generation systems. Our metric is based on three criteria: adequacy, fluency, and lexical dissimilarity. The key component in our metric is a robust and shallow semantic similarity measure based on pivot language N-grams that allows us to approximate adequacy independently of lexical similarity. Human evaluation shows that PEM achieves high correlation with human judgments.