Manual 1.1.0.7 page 150 :
Flap Emergency Retract.
Labeled FLAP EMER RETR, this is a two-position switch. When in the down position, flap control is governed by the flap control on the throttle. When in the up position, the flaps are closed using aerodynamic pressure.
For me the flaps fully retracts only when the flaps are in the MV position ... is that so in the real aircraft ?
Clarification: for In flight operation.