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id="toc-Irish_pound_breaks_parity_with_sterling-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sterling's_forced_withdrawal_from_the_ERM" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sterling's_forced_withdrawal_from_the_ERM"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Sterling's forced withdrawal from the ERM</span> </div> </a> <ul id="toc-Sterling's_forced_withdrawal_from_the_ERM-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Increase_of_margins" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Increase_of_margins"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Increase of margins</span> </div> </a> <ul id="toc-Increase_of_margins-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-History_of_the_ERM_II" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History_of_the_ERM_II"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>History of the ERM II</span> </div> </a> <button aria-controls="toc-History_of_the_ERM_II-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History of the ERM II subsection</span> </button> <ul id="toc-History_of_the_ERM_II-sublist" class="vector-toc-list"> <li id="toc-New_EU_members" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_EU_members"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>New EU members</span> </div> </a> <ul id="toc-New_EU_members-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Current_status" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Current_status"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Current status</span> </div> </a> <ul id="toc-Current_status-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Exchange_rate_bands" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Exchange_rate_bands"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Exchange rate bands</span> </div> </a> <ul id="toc-Exchange_rate_bands-sublist" class="vector-toc-list"> <li id="toc-Historical_reference" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Historical_reference"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.1</span> <span>Historical reference</span> </div> </a> <ul id="toc-Historical_reference-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">European Exchange Rate Mechanism</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 37 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-37" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">37 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A2%D9%84%D9%8A%D8%A9_%D8%B3%D8%B9%D8%B1_%D8%A7%D9%84%D8%B5%D8%B1%D9%81_%D8%A7%D9%84%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%8A%D8%A9" title="آلية سعر الصرف الأوروبية – Arabic" lang="ar" hreflang="ar" data-title="آلية سعر الصرف الأوروبية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D0%B5%D0%B9%D1%81%D0%BA%D0%B8_%D0%B2%D0%B0%D0%BB%D1%83%D1%82%D0%B5%D0%BD_%D0%BC%D0%B5%D1%85%D0%B0%D0%BD%D0%B8%D0%B7%D1%8A%D0%BC" title="Европейски валутен механизъм – Bulgarian" lang="bg" hreflang="bg" data-title="Европейски валутен механизъм" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Mecanisme_de_tipus_de_canvi" title="Mecanisme de tipus de canvi – Catalan" lang="ca" hreflang="ca" data-title="Mecanisme de tipus de canvi" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Evropsk%C3%BD_mechanismus_sm%C4%9Bnn%C3%BDch_kurz%C5%AF" title="Evropský mechanismus směnných kurzů – Czech" lang="cs" hreflang="cs" data-title="Evropský mechanismus směnných kurzů" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/ERM_II" title="ERM II – Danish" lang="da" hreflang="da" data-title="ERM II" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Wechselkursmechanismus_II" title="Wechselkursmechanismus II – German" lang="de" hreflang="de" data-title="Wechselkursmechanismus II" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Euroopa_vahetuskursimehhanism" title="Euroopa vahetuskursimehhanism – Estonian" lang="et" hreflang="et" data-title="Euroopa vahetuskursimehhanism" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CF%85%CF%81%CF%89%CF%80%CE%B1%CF%8A%CE%BA%CF%8C%CF%82_%CE%BC%CE%B7%CF%87%CE%B1%CE%BD%CE%B9%CF%83%CE%BC%CF%8C%CF%82_%CF%83%CF%85%CE%BD%CE%B1%CE%BB%CE%BB%CE%B1%CE%B3%CE%BC%CE%B1%CF%84%CE%B9%CE%BA%CF%8E%CE%BD_%CE%B9%CF%83%CE%BF%CF%84%CE%B9%CE%BC%CE%B9%CF%8E%CE%BD" title="Ευρωπαϊκός μηχανισμός συναλλαγματικών ισοτιμιών – Greek" lang="el" hreflang="el" data-title="Ευρωπαϊκός μηχανισμός συναλλαγματικών ισοτιμιών" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Mecanismo_de_tipos_de_cambio" title="Mecanismo de tipos de cambio – Spanish" lang="es" hreflang="es" data-title="Mecanismo de tipos de cambio" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/E%C5%ADropa_Valuto%C5%9Dan%C4%9Da_Mekanismo_II" title="Eŭropa Valutoŝanĝa Mekanismo II – Esperanto" lang="eo" hreflang="eo" data-title="Eŭropa Valutoŝanĝa Mekanismo II" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Truke-tasen_mekanismo" title="Truke-tasen mekanismo – Basque" lang="eu" hreflang="eu" data-title="Truke-tasen mekanismo" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%DA%A9%D8%A7%D9%86%DB%8C%D8%B3%D9%85_%D9%86%D8%B1%D8%AE_%D8%A7%D8%B1%D8%B2_%D8%A7%D8%B1%D9%88%D9%BE%D8%A7%DB%8C%DB%8C" title="مکانیسم نرخ ارز اروپایی – Persian" lang="fa" hreflang="fa" data-title="مکانیسم نرخ ارز اروپایی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/M%C3%A9canisme_de_taux_de_change_europ%C3%A9en" title="Mécanisme de taux de change européen – French" lang="fr" hreflang="fr" data-title="Mécanisme de taux de change européen" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-fy mw-list-item"><a href="https://fy.wikipedia.org/wiki/Jeropeesk_Wikselkoersmagnisme" title="Jeropeesk Wikselkoersmagnisme – Western Frisian" lang="fy" hreflang="fy" data-title="Jeropeesk Wikselkoersmagnisme" data-language-autonym="Frysk" data-language-local-name="Western Frisian" class="interlanguage-link-target"><span>Frysk</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9C%A0%EB%9F%BD_%ED%99%98%EC%9C%A8_%EB%A9%94%EC%BB%A4%EB%8B%88%EC%A6%98" title="유럽 환율 메커니즘 – Korean" lang="ko" hreflang="ko" data-title="유럽 환율 메커니즘" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Accordi_europei_di_cambio" title="Accordi europei di cambio – Italian" lang="it" hreflang="it" data-title="Accordi europei di cambio" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%A0%D7%92%D7%A0%D7%95%D7%9F_%D7%A9%D7%A2%D7%A8_%D7%94%D7%97%D7%9C%D7%99%D7%A4%D7%99%D7%9F_%D7%94%D7%90%D7%99%D7%A8%D7%95%D7%A4%D7%99" title="מנגנון שער החליפין האירופי – Hebrew" lang="he" hreflang="he" data-title="מנגנון שער החליפין האירופי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Wiesselcoursmechanismus_II" title="Wiesselcoursmechanismus II – Luxembourgish" lang="lb" hreflang="lb" data-title="Wiesselcoursmechanismus II" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Antrasis_valiut%C5%B3_kurso_mechanizmas" title="Antrasis valiutų kurso mechanizmas – Lithuanian" lang="lt" hreflang="lt" data-title="Antrasis valiutų kurso mechanizmas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-li mw-list-item"><a href="https://li.wikipedia.org/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism – Limburgish" lang="li" hreflang="li" data-title="European Exchange Rate Mechanism" data-language-autonym="Limburgs" data-language-local-name="Limburgish" class="interlanguage-link-target"><span>Limburgs</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Eur%C3%B3pai_%C3%A1rfolyam-mechanizmus" title="Európai árfolyam-mechanizmus – Hungarian" lang="hu" hreflang="hu" data-title="Európai árfolyam-mechanizmus" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Europees_Wisselkoersmechanisme" title="Europees Wisselkoersmechanisme – Dutch" lang="nl" hreflang="nl" data-title="Europees Wisselkoersmechanisme" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%AC%A7%E5%B7%9E%E7%82%BA%E6%9B%BF%E7%9B%B8%E5%A0%B4%E3%83%A1%E3%82%AB%E3%83%8B%E3%82%BA%E3%83%A0" title="欧州為替相場メカニズム – Japanese" lang="ja" hreflang="ja" data-title="欧州為替相場メカニズム" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Den_europeiske_vekslingsmekanisme" title="Den europeiske vekslingsmekanisme – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Den europeiske vekslingsmekanisme" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Mechanizm_kurs%C3%B3w_walutowych" title="Mechanizm kursów walutowych – Polish" lang="pl" hreflang="pl" data-title="Mechanizm kursów walutowych" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Mecanismo_Europeu_de_Taxas_de_C%C3%A2mbio" title="Mecanismo Europeu de Taxas de Câmbio – Portuguese" lang="pt" hreflang="pt" data-title="Mecanismo Europeu de Taxas de Câmbio" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Mecanismul_European_al_Ratelor_de_Schimb" title="Mecanismul European al Ratelor de Schimb – Romanian" lang="ro" hreflang="ro" data-title="Mecanismul European al Ratelor de Schimb" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D0%B5%D0%B9%D1%81%D0%BA%D0%B8%D0%B9_%D0%BC%D0%B5%D1%85%D0%B0%D0%BD%D0%B8%D0%B7%D0%BC_%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D1%8B%D1%85_%D0%BA%D1%83%D1%80%D1%81%D0%BE%D0%B2" title="Европейский механизм валютных курсов – Russian" lang="ru" hreflang="ru" data-title="Европейский механизм валютных курсов" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism – Simple English" lang="en-simple" hreflang="en-simple" data-title="European Exchange Rate Mechanism" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Eur%C3%B3psky_mechanizmus_v%C3%BDmenn%C3%BDch_kurzov" title="Európsky mechanizmus výmenných kurzov – Slovak" lang="sk" hreflang="sk" data-title="Európsky mechanizmus výmenných kurzov" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Evropski_mehanizem_deviznih_te%C4%8Dajev" title="Evropski mehanizem deviznih tečajev – Slovenian" lang="sl" hreflang="sl" data-title="Evropski mehanizem deviznih tečajev" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D1%81%D0%BA%D0%B8_%D0%B2%D0%B0%D0%BB%D1%83%D1%82%D0%BD%D0%B8_%D0%BC%D0%B5%D1%85%D0%B0%D0%BD%D0%B8%D0%B7%D0%B0%D0%BC" title="Европски валутни механизам – Serbian" lang="sr" hreflang="sr" data-title="Европски валутни механизам" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Euroopan_valuuttakurssin_mekanismi" title="Euroopan valuuttakurssin mekanismi – Finnish" lang="fi" hreflang="fi" data-title="Euroopan valuuttakurssin mekanismi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Europeiska_v%C3%A4xelkursmekanismen" title="Europeiska växelkursmekanismen – 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.hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the second European Exchange Rate Mechanism (ERM II). For ERM I, see <a href="/wiki/European_Monetary_System" title="European Monetary System">European Monetary System</a>.</div> <p class="mw-empty-elt"> </p> <div class="thumb tright" style=""><div class="thumbinner" style="width:412px"><div class="thumbimage noresize" style="width:410px;"> <div style="position:relative; overflow-x:auto"> <div role="img" class="noresize" style="width: 400px; font-size: 85%; line-height: 1; text-align: center; background-color: #ffffff; position: relative; max-width: 100%; overflow-x: visible;"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/File:Eurozone_map.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Eurozone_map.svg/400px-Eurozone_map.svg.png" decoding="async" width="400" height="400" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Eurozone_map.svg/600px-Eurozone_map.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Eurozone_map.svg/800px-Eurozone_map.svg.png 2x" data-file-width="1300" data-file-height="1300" /></a></span> <div style="position:absolute; font-size:110%; left:102px; top:248px"><a href="/wiki/Eurozone" title="Eurozone"><span style="color:white;letter-spacing:.3em">EUROZONE</span></a></div> <div style="position:absolute; left:282px; top:296px"><a href="/wiki/Bulgaria_and_the_euro" title="Bulgaria and the euro"><span style="color:black">Bulgaria</span></a></div> <div style="position:absolute; left:154px; top:172px"><a href="/wiki/Denmark_and_the_euro" title="Denmark and the euro"><span style="color:black">Denmark</span></a></div> <div style="position:absolute; left:190px; top:236px"><a href="/wiki/Czech_Republic_and_the_euro" title="Czech Republic and the euro"><span style="color:black">Czech Rep.</span></a></div> <div style="position:absolute; left:226px; top:260px"><a href="/wiki/Hungary_and_the_euro" title="Hungary and the euro"><span style="color:black">Hungary</span></a></div> <div style="position:absolute; left:224px; top:208px"><a href="/wiki/Poland_and_the_euro" title="Poland and the euro"><span style="color:black">Poland</span></a></div> <div style="position:absolute; left:270px; top:268px"><a href="/wiki/Romania_and_the_euro" title="Romania and the euro"><span style="color:black">Romania</span></a></div> <div style="position:absolute; left:186px; top:124px"><a href="/wiki/Sweden_and_the_euro" title="Sweden and the euro"><span style="color:black">Sweden</span></a></div> <div style="position:absolute; font-size:80%; left:94px; top:300px"><span style="background:#F29527"><a href="/wiki/Andorra_and_the_euro" title="Andorra and the euro"><span style="color:black">Andorra</span></a></span></div> <div style="position:absolute; font-size:80%; left:138px; top:292px"><span style="background:#F29527"><a href="/wiki/Mon%C3%A9gasque_euro_coins" title="Monégasque euro coins"><span style="color:black">Monaco</span></a></span></div> <div style="position:absolute; font-size:80%; left:178px; top:292px"><span style="background:#F29527"><a href="/wiki/San_Marino_euro_coins" title="San Marino euro coins"><span style="color:black">San Marino</span></a></span></div> <div style="position:absolute; font-size:80%; left:178px; top:332px"><span style="background:#F29527"><a href="/wiki/Vatican_euro_coins" title="Vatican euro coins"><span style="color:black">Vatican City</span></a></span></div> <div style="position:absolute; font-size:80%; left:274px; top:312px"><span style="background:#da2131"><a href="/wiki/Kosovo_and_the_euro" title="Kosovo and the euro"><span style="color:black">Kos.</span></a></span></div> <div style="position:absolute; font-size:80%; left:222px; top:308px"><span style="background:#da2131"><a href="/wiki/Montenegro_and_the_euro" title="Montenegro and the euro"><span style="color:black">Mont.</span></a></span></div> </div> </div></div><div class="thumbcaption"><style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#003399; color:white;"> </span> <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#46a43b; color:black;"> </span> <a href="/wiki/Member_state_of_the_European_Union" title="Member state of the European Union">EU members</a> in ERM II, without an <a href="/wiki/Opt-outs_in_the_European_Union" title="Opt-outs in the European Union">opt-out</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#a050ff; color:black;"> </span> EU members in ERM II, with an opt-out</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#ffd617; color:black;"> </span> <a href="/wiki/Enlargement_of_the_eurozone" title="Enlargement of the eurozone">EU members obliged to adopt the euro once convergence criteria are met</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#F29527; color:black;"> </span> Non–EU members <a href="/wiki/International_status_and_usage_of_the_euro#Sovereign_states" title="International status and usage of the euro">using the euro with a monetary agreement</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#da2131; color:white;"> </span> Non–EU members <a href="/wiki/International_status_and_usage_of_the_euro#Unilateral_adopters" title="International status and usage of the euro">using the euro unilaterally</a></div></div></div></div> <p>The <b>European Exchange Rate Mechanism</b> (<b>ERM II</b>) is a system introduced by the <a href="/wiki/European_Economic_Community" title="European Economic Community">European Economic Community</a> on 1 January 1999 alongside the introduction of a <a href="/wiki/Currency_union" title="Currency union">single currency</a>, the <a href="/wiki/Euro" title="Euro">euro</a> (replacing ERM 1 and the euro's predecessor, the <a href="/wiki/European_Currency_Unit" title="European Currency Unit">ECU</a>) as part of the <a href="/wiki/European_Monetary_System" title="European Monetary System">European Monetary System</a> (EMS), to reduce <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> variability and achieve monetary stability in Europe. </p><p>After the adoption of the euro, policy changed to linking currencies of EU countries outside the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> to the euro (having the common currency as a central point). The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members. As of March 2024, two currencies participate in ERM II: the <a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a> and the <a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Intent_and_operation_of_the_ERM_II">Intent and operation of the ERM II</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=1" title="Edit section: Intent and operation of the ERM II"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The ERM is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. This is also known as a semi-pegged system. Before the introduction of the euro, exchange rates were based on the <a href="/wiki/European_Currency_Unit" title="European Currency Unit">European Currency Unit</a> (ECU), the European unit of account, whose value was determined as a weighted average of the participating currencies.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>A grid (known as the Parity Grid) of bilateral rates was calculated on the basis of these central rates expressed in ECUs, and currency fluctuations had to be contained within a margin of 2.25% on either side of the bilateral rates (with the exception of the <a href="/wiki/Italian_lira" title="Italian lira">Italian lira</a>, the <a href="/wiki/Spanish_peseta" title="Spanish peseta">Spanish peseta</a>, the <a href="/wiki/Portuguese_escudo" title="Portuguese escudo">Portuguese escudo</a> and <a href="/wiki/Pound_sterling" title="Pound sterling">Pound sterling</a>, which were allowed to fluctuate by ±6%).<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Determined intervention and loan arrangements protected the participating currencies from greater exchange rate fluctuations. </p><p><a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a> <a href="/wiki/Denis_Healey" title="Denis Healey">Denis Healey</a> reportedly chose not to join the ERM in 1979 owing to concerns that it would benefit the German economy by preventing the Deutsche Mark from appreciating, at the expense of the economies of other countries.<sup id="cite_ref-IBT19Oct2015DHIM_3-0" class="reference"><a href="#cite_note-IBT19Oct2015DHIM-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The UK did join the ERM in October 1990 under Chancellor <a href="/wiki/John_Major" title="John Major">John Major</a>, in a move which at the time was largely supported by business and the press,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> but was forced to leave again two years later on <a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Historical_exchange-rate_regimes_for_EU_members">Historical exchange-rate regimes for EU members</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=2" title="Edit section: Historical exchange-rate regimes for EU members"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/History_of_the_euro" title="History of the euro">History of the euro</a></div> <p>The chart below provides a full summary of all applying <a href="/wiki/Exchange-rate_regime" class="mw-redirect" title="Exchange-rate regime">exchange-rate regimes</a> for <a href="/wiki/Member_state_of_the_European_Union" title="Member state of the European Union">EU members</a>, since the <a href="/wiki/European_Monetary_System" title="European Monetary System">European Monetary System</a> with its Exchange Rate Mechanism and the related new common currency <a href="/wiki/European_Currency_Unit" title="European Currency Unit">ECU</a> came into being on 13 March 1979. The euro replaced the ECU 1:1 at the exchange rate markets, on 1 January 1999. Between 1979 and 1999 the <a href="/wiki/Deutsche_Mark" title="Deutsche Mark">D-Mark</a> functioned as a <i>de facto</i> anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the D-Mark. </p> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"> <div class="timeline-wrapper"><map name="timeline_tcj4upfliwuyq4pe9t43s1ei49ks3n3"></map><img usemap="#timeline_tcj4upfliwuyq4pe9t43s1ei49ks3n3" src="//upload.wikimedia.org/wikipedia/en/timeline/tcj4upfliwuyq4pe9t43s1ei49ks3n3.png" /></div> <p><small><b>Sources:</b> <i><a rel="nofollow" class="external text" href="http://ec.europa.eu/economy_finance/publications/european_economy/convergence_reports_en.htm">EC convergence reports 1996-2014</a>, <a rel="nofollow" class="external text" href="https://www.bancaditalia.it/pubblicazioni/quaderni-storia/2005-0010/Q10_Garofalo.pdf">Italian lira</a>, <a rel="nofollow" class="external text" href="http://www.hec.unil.ch/pbacchetta/Printed%20papers/WE97.pdf">Spanish peseta</a>, <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/wp/wp9775.pdf">Portuguese escudo</a>, <a rel="nofollow" class="external text" href="http://www2.wu-wien.ac.at/ecsa//emu/papgenberg.pdf">Finnish markka</a>, <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/wp/wp9775.pdf">Greek drachma</a>, <a rel="nofollow" class="external text" href="https://libcom.org/library/britain-european-exchange-rate-mechanism">Sterling</a></i></small> </p> </div> <p>The <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> was established with its first 11 member states on 1 January 1999. The first <a href="/wiki/Enlargement_of_the_eurozone" title="Enlargement of the eurozone">enlargement of the eurozone</a>, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. The zone's next enlargements were with states that <a href="/wiki/2004_enlargement_of_the_European_Union" title="2004 enlargement of the European Union">joined the EU in 2004</a>, and then joined the eurozone on 1 January in the mentioned year: Slovenia (2007), Cyprus (2008), Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014), Lithuania (2015). Croatia, which joined in the EU 2013, adopted the euro in 2023. </p><p>All new EU members having joined the bloc after the signing of the <a href="/wiki/Maastricht_Treaty" title="Maastricht Treaty">Maastricht Treaty</a> in 1992 are obliged to adopt the euro under the terms of their accession treaties.<sup id="cite_ref-:0_6-0" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> However, the last of the five economic <a href="/wiki/Euro_convergence_criteria" title="Euro convergence criteria">convergence criteria</a>, which need to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion. This requires having been a member of the ERM for a minimum of two years without the presence of "severe tensions" for the currency exchange rate.<sup id="cite_ref-:1_7-0" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Irish_pound_breaks_parity_with_sterling">Irish pound breaks parity with sterling</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=3" title="Edit section: Irish pound breaks parity with sterling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To participate in the European Monetary System, Ireland chose to break the <a href="/wiki/Irish_pound" title="Irish pound">Irish pound</a>'s parity with <a href="/wiki/Pound_sterling" title="Pound sterling">sterling</a> in 1979, because the UK had decided not to participate.<sup id="cite_ref-ICBpound_8-0" class="reference"><a href="#cite_note-ICBpound-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> (The Irish Central Bank had maintained parity with sterling since the foundation of the state in 1922. "It was only in the 1970s, when high inflation in the UK threatened price stability in Ireland, that alternatives were seriously considered".<sup id="cite_ref-ICBpound_8-1" class="reference"><a href="#cite_note-ICBpound-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup>) </p> <div class="mw-heading mw-heading3"><h3 id="Sterling's_forced_withdrawal_from_the_ERM"><span id="Sterling.27s_forced_withdrawal_from_the_ERM"></span>Sterling's forced withdrawal from the ERM</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=4" title="Edit section: Sterling's forced withdrawal from the ERM"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a></div> <p>The United Kingdom entered the ERM in October 1990, but was forced to exit the programme within two years after <a href="/wiki/Pound_sterling" title="Pound sterling">sterling</a> came under major pressure from currency <a href="/wiki/Speculation" title="Speculation">speculators</a>. The ensuing crash of 16 September 1992 was subsequently dubbed "<a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a>". There was some revision of attitude towards this event given the UK's strong economic performance after 1992, with some commentators dubbing it "White Wednesday".<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Some commentators, following <a href="/wiki/Norman_Tebbit" title="Norman Tebbit">Norman Tebbit</a>, took to referring to ERM as an "Eternal Recession Mechanism",<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> after the UK fell into recession in 1990. The UK spent over £6 billion trying to keep the currency within the narrow limits with reports at the time widely noting that the controversial <a href="/wiki/Hungarian_Americans" title="Hungarian Americans">Hungarian-American</a> investor <a href="/wiki/George_Soros" title="George Soros">George Soros</a>'s individual profit of £1 billion equated to over £12 for each man, woman and child in Britain and dubbing Soros "the man who broke the Bank of England".<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Britain's membership of the ERM was also blamed for prolonging the recession at the time,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> and Britain's exit from the ERM was seen as an economic failure which contributed significantly to the defeat of the <a href="/wiki/Conservative_Party_(UK)" title="Conservative Party (UK)">Conservative</a> government of <a href="/wiki/John_Major" title="John Major">John Major</a> at the <a href="/wiki/1997_United_Kingdom_general_election" title="1997 United Kingdom general election">general election</a> in May 1997, despite the strong economic recovery and significant fall in unemployment which that government had overseen after Black Wednesday.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Increase_of_margins">Increase of margins</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=5" title="Edit section: Increase of margins"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In August 1993, the margin was expanded to 15% to accommodate speculation against the <a href="/wiki/French_franc" title="French franc">French franc</a> and other currencies.<sup id="cite_ref-:2_16-0" class="reference"><a href="#cite_note-:2-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History_of_the_ERM_II">History of the ERM II</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=6" title="Edit section: History of the ERM II"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 31 December 1998, the European Currency Unit (ECU)<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> exchange rates of the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> countries were frozen and the value of the euro, which then superseded the ECU at par, was thus established. </p><p>In 1999, ERM II replaced the original ERM.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (December 2020)">page needed</span></a></i>]</sup> The <a href="/wiki/Modern_drachma" title="Modern drachma">Greek</a> and Danish currencies were part of the new mechanism, but when Greece joined the euro in 2001, the <a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a> was left at that time as the only participant member. A currency in ERM II is allowed to float within a range of ±15% with respect to a central rate against the euro. In the case of the krone, <a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Danmarks Nationalbank</a> keeps the exchange rate within the narrower range of ± 2.25% against the central rate of EUR 1 = DKK 7.46038.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ECB_list_of_euro_central_rates_20-0" class="reference"><a href="#cite_note-ECB_list_of_euro_central_rates-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>EU countries that have not adopted the euro are expected to participate for at least two years in ERM II before joining the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a>.<sup id="cite_ref-:0_6-1" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_7-1" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="New_EU_members">New EU members</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=7" title="Edit section: New EU members"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 1 May 2004, the ten <a href="/wiki/Central_bank" title="Central bank">national central banks</a> (NCBs) of the new member countries became party to the <a href="/w/index.php?title=ERM_II_Central_Bank_Agreement&action=edit&redlink=1" class="new" title="ERM II Central Bank Agreement (page does not exist)">ERM II Central Bank Agreement</a>. The national currencies themselves were to become part of the ERM II at dates to be agreed.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Estonian_kroon" title="Estonian kroon">Estonian kroon</a>, <a href="/wiki/Lithuanian_litas" title="Lithuanian litas">Lithuanian litas</a>, and <a href="/wiki/Slovenian_tolar" title="Slovenian tolar">Slovenian tolar</a> were included in the ERM II on 28 June 2004; the <a href="/wiki/Cypriot_pound" title="Cypriot pound">Cypriot pound</a>, the <a href="/wiki/Latvian_lats" title="Latvian lats">Latvian lats</a> and the <a href="/wiki/Maltese_lira" title="Maltese lira">Maltese lira</a> on 2 May 2005; the <a href="/wiki/Slovak_koruna" title="Slovak koruna">Slovak koruna</a> on 28 November 2005.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>On 10 July 2020 it was announced that the <a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a> (which had joined the EU on 1 January 2007) and <a href="/wiki/Croatian_kuna" title="Croatian kuna">Croatian kuna</a> (which had joined the EU on 1 July 2013) would be included in the ERM II.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>These states (with the exception of Bulgaria) have all since joined the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a>, and hence left ERM II: <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a> (1 January 2007), <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a> (1 January 2008), <a href="/wiki/Malta" title="Malta">Malta</a> (1 January 2008), <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a> (1 January 2009), <a href="/wiki/Estonia" title="Estonia">Estonia</a> (1 January 2011), <a href="/wiki/Latvia" title="Latvia">Latvia</a> (1 January 2014), <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a> (1 January 2015),<sup id="cite_ref-:3_25-0" class="reference"><a href="#cite_note-:3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Croatia" title="Croatia">Croatia</a> (1 January 2023).<sup id="cite_ref-auto_26-0" class="reference"><a href="#cite_note-auto-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Current_status">Current status</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=8" title="Edit section: Current status"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As of January 2023, two currencies participate in ERM II: the <a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a> and the <a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a>. The currencies of Sweden (the <a href="/wiki/Swedish_krona" title="Swedish krona">Swedish krona</a>), the three largest countries which joined the <a href="/wiki/European_Union" title="European Union">European Union</a> on 1 May 2004 (the <a href="/wiki/Polish_z%C5%82oty" title="Polish złoty">Polish złoty</a>, the <a href="/wiki/Czech_koruna" title="Czech koruna">Czech koruna</a>, and the <a href="/wiki/Hungarian_forint" title="Hungarian forint">Hungarian forint</a>), and Romania which joined on 1 January 2007 (the <a href="/wiki/Romanian_leu" title="Romanian leu">Romanian leu</a>), are required to join in accordance with the terms of the applicable treaties of accession. </p><p>Sweden <a href="/wiki/2003_Swedish_euro_referendum" title="2003 Swedish euro referendum">has voted in a referendum</a> to stay out of the mechanism, despite being expected to join by the ECB, since Sweden has no opt-out like Denmark. EU members are required to join the ERM by the <a href="/wiki/Euro_convergence_criteria" title="Euro convergence criteria">Maastricht convergence criteria</a>.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Exchange_rate_bands">Exchange rate bands</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=9" title="Edit section: Exchange rate bands"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In theory, most of the currencies are allowed to fluctuate as much as 15% from their assigned value.<sup id="cite_ref-:2_16-1" class="reference"><a href="#cite_note-:2-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> In practice, however, the currency of Denmark deviates very little.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th rowspan="2" style="width:90px">Date of entry <sup id="cite_ref-ECB_list_of_euro_central_rates_20-1" class="reference"><a href="#cite_note-ECB_list_of_euro_central_rates-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </th> <th rowspan="2" style="width:90px">Country </th> <th rowspan="2">Currency </th> <th rowspan="2">€1 =<sup id="cite_ref-ECB_list_of_euro_central_rates_20-2" class="reference"><a href="#cite_note-ECB_list_of_euro_central_rates-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </th> <th colspan="2">Band </th> <th rowspan="2">Notes </th></tr> <tr> <th>Nominal </th> <th>Actual </th></tr> <tr> <td>1 January 1999 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /></span></span> </span><a href="/wiki/Denmark" title="Denmark">Denmark</a> </td> <td><a href="/wiki/Danish_krone" title="Danish krone">Krone</a> (kr.) </td> <td>7.46038 </td> <td>2.25% </td> <td><1% </td> <td>The krone entered the ERM II in 1999, when the euro was created. See <a href="/wiki/Denmark_and_the_euro" title="Denmark and the euro">Denmark and the euro</a> for more information. </td></tr> <tr> <td>10 July 2020 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span> </span><a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a> </td> <td><a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Lev</a> (лв.) </td> <td>1.95583 </td> <td>15% </td> <td>0% </td> <td>The lev has been on the currency board since 1997 through a fixed exchange rate of the Bulgarian lev against the Deutsche Mark. See <a href="/wiki/Bulgaria_and_the_euro" title="Bulgaria and the euro">Bulgaria and the euro</a> for more information. The euro is targeted to be introduced on January 1, 2025, making the euro the country's second currency after more than 140 years of the lev being the national currency. </td></tr></tbody></table> <div class="mw-heading mw-heading4"><h4 id="Historical_reference">Historical reference</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=10" title="Edit section: Historical reference"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The former members of ERM II are the <a href="/wiki/Modern_drachma" title="Modern drachma">Greek drachma</a>, <a href="/wiki/Slovenian_tolar" title="Slovenian tolar">Slovenian tolar</a>, <a href="/wiki/Cypriot_pound" title="Cypriot pound">Cypriot pound</a>, <a href="/wiki/Estonian_kroon" title="Estonian kroon">Estonian kroon</a>, <a href="/wiki/Maltese_lira" title="Maltese lira">Maltese lira</a>, <a href="/wiki/Slovak_koruna" title="Slovak koruna">Slovak koruna</a>, <a href="/wiki/Latvian_lats" title="Latvian lats">Latvian lats</a>, <a href="/wiki/Lithuanian_litas" title="Lithuanian litas">Lithuanian litas</a>, and <a href="/wiki/Croatian_kuna" title="Croatian kuna">Croatian kuna</a>.<sup id="cite_ref-:3_25-1" class="reference"><a href="#cite_note-:3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th rowspan="2">Period </th> <th rowspan="2">Country </th> <th rowspan="2">Currency </th> <th rowspan="2">€<span class="nowrap"><span data-sort-value="7000100000000000000♠"></span>1.00</span> = </th> <th colspan="2">Band </th> <th rowspan="2">Notes </th></tr> <tr> <th>Nominal </th> <th>Actual </th></tr> <tr> <td><span class="nowrap">1 January 1999 –</span><br /> 16 January 2000 </td> <td rowspan="2"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></span></span> </span><a href="/wiki/Greece" title="Greece">Greece</a> </td> <td rowspan="2"><a href="/wiki/Modern_drachma" title="Modern drachma">Drachma</a> (₯) </td> <td><span class="nowrap"><span data-sort-value="7002353109000000000♠"></span>353.109</span><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </td> <td rowspan="2">15% </td> <td style="background: var(--background-color-interactive, #EEE); color: var(--color-base, black); vertical-align: middle; white-space: nowrap; text-align: center;" class="table-Unknown">Unknown </td> <td> </td></tr> <tr> <td><span class="nowrap">17 January 2000 –</span><br /> 31 December 2000 </td> <td><span class="nowrap"><span data-sort-value="7002340750000000000♠"></span>340.75</span><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </td> <td style="background: var(--background-color-interactive, #EEE); color: var(--color-base, black); vertical-align: middle; white-space: nowrap; text-align: center;" class="table-Unknown">Unknown </td> <td> </td></tr> <tr> <td><span class="nowrap">28 June 2004 –</span><br /> 31 December 2006 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span> </span><a href="/wiki/Slovenia" title="Slovenia">Slovenia</a> </td> <td><a href="/wiki/Slovenian_tolar" title="Slovenian tolar">Tolar</a> (T) </td> <td><span class="nowrap"><span data-sort-value="7002239640000000000♠"></span>239.64</span><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </td> <td>15% </td> <td>0.16%<sup id="cite_ref-autogenerated1_33-0" class="reference"><a href="#cite_note-autogenerated1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </td> <td> </td></tr> <tr> <td><span class="nowrap">2 May 2005 –</span><br /> 7 December 2007 </td> <td rowspan="2"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span> </span><a href="/wiki/Cyprus" title="Cyprus">Cyprus</a> </td> <td rowspan="2"><a href="/wiki/Cypriot_pound" title="Cypriot pound">Pound</a> (£C) </td> <td rowspan="2"><span class="nowrap"><span data-sort-value="6999585274000000000♠"></span>0.585<span style="margin-left:.25em;">274</span></span> </td> <td rowspan="2">15% </td> <td>2.1%<sup id="cite_ref-autogenerated1_33-1" class="reference"><a href="#cite_note-autogenerated1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </td> <td> </td></tr> <tr> <td><span class="nowrap">7 December 2007 –</span><br /> 31 December 2007 </td> <td>0% </td> <td> </td></tr> <tr> <td><span class="nowrap">2 May 2005 –</span><br /> 31 December 2007 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Malta" title="Malta">Malta</a> </td> <td><a href="/wiki/Maltese_lira" title="Maltese lira">Lira</a> (Lm) </td> <td><span class="nowrap"><span data-sort-value="6999429300000000000♠"></span>0.4293</span> </td> <td>15% </td> <td>0% </td> <td>The lira had been pegged to the euro since joining ERM II. Only two exceptions exist: 2005-05-02 (ECB rate: 1 EUR = 0.4288 MTL) and 2005-08-15 (ECB rate: 1 EUR = 0.4292 MTL).<sup id="cite_ref-autogenerated1_33-2" class="reference"><a href="#cite_note-autogenerated1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><span class="nowrap">28 November 2005 –</span><br /> 16 March 2007 </td> <td rowspan="3"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Slovakia" title="Slovakia">Slovakia</a> </td> <td rowspan="3"><a href="/wiki/Slovak_koruna" title="Slovak koruna">Koruna</a> (Sk.) </td> <td><span class="nowrap"><span data-sort-value="7001384550000000000♠"></span>38.455</span><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </td> <td rowspan="3">15% </td> <td>12%<sup id="cite_ref-autogenerated1_33-3" class="reference"><a href="#cite_note-autogenerated1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </td> <td> </td></tr> <tr> <td><span class="nowrap">17 March 2007 –</span><br /> 27 May 2008 </td> <td><span class="nowrap"><span data-sort-value="7001354424000000000♠"></span>35.4424</span><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </td> <td>12%<sup id="cite_ref-autogenerated1_33-4" class="reference"><a href="#cite_note-autogenerated1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </td> <td> </td></tr> <tr> <td><span class="nowrap">28 May 2008 –</span><br /> 31 December 2008 </td> <td><span class="nowrap"><span data-sort-value="7001301260000000000♠"></span>30.126</span><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </td> <td>1.9%<sup id="cite_ref-autogenerated1_33-5" class="reference"><a href="#cite_note-autogenerated1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </td> <td> </td></tr> <tr> <td><span class="nowrap">28 June 2004 –</span><br /> 31 December 2010 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /></span></span> </span><a href="/wiki/Estonia" title="Estonia">Estonia</a> </td> <td><a href="/wiki/Estonian_kroon" title="Estonian kroon">Kroon</a> (kr.) </td> <td><span class="nowrap"><span data-sort-value="7001156466000000000♠"></span>15.6466</span> </td> <td>15% </td> <td>0% </td> <td>The kroon had been pegged to the <a href="/wiki/Deutsche_Mark" title="Deutsche Mark">D–Mark</a> since its re-introduction on 20 June 1992, and then to the euro. </td></tr> <tr> <td><span class="nowrap">2 May 2005 –</span><br /> 31 December 2013 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span> </span><a href="/wiki/Latvia" title="Latvia">Latvia</a> </td> <td><a href="/wiki/Latvian_lats" title="Latvian lats">Lats</a> (Ls.) </td> <td><span class="nowrap"><span data-sort-value="6999702804000000000♠"></span>0.702<span style="margin-left:.25em;">804</span></span> </td> <td>15% </td> <td>1% </td> <td>Latvia had a <a href="/wiki/Fixed_exchange-rate_system" class="mw-redirect" title="Fixed exchange-rate system">fixed exchange-rate system</a> arrangement whose anchor switched from the <a href="/wiki/Special_drawing_rights" title="Special drawing rights">SDR</a> to the euro on 1 January 2005. </td></tr> <tr> <td><span class="nowrap">28 June 2004 –</span><br /> 31 December 2014 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span> </span><a href="/wiki/Lithuania" title="Lithuania">Lithuania</a> </td> <td><a href="/wiki/Lithuanian_litas" title="Lithuanian litas">Litas</a> (Lt.) </td> <td><span class="nowrap"><span data-sort-value="7000345280000000000♠"></span>3.4528</span> </td> <td>15% </td> <td>0% </td> <td>The litas was pegged to the US dollar until 2 February 2002, when it switched to a euro peg. </td></tr> <tr> <td><span class="nowrap">10 July 2020 –</span><br /> 31 December 2022 </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span> </span><a href="/wiki/Croatia" title="Croatia">Croatia</a> </td> <td><a href="/wiki/Croatian_kuna" title="Croatian kuna">Kuna</a> (kn.) </td> <td>7.53450 </td> <td>15% </td> <td>0% </td> <td> </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Euro_convergence_criteria" title="Euro convergence criteria">Euro convergence criteria</a></li> <li><a href="/wiki/List_of_acronyms_associated_with_the_eurozone_crisis" title="List of acronyms associated with the eurozone crisis">List of acronyms associated with the eurozone crisis</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Citations">Citations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=12" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" 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Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781317040651" title="Special:BookSources/9781317040651"><bdi>9781317040651</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Balkans%3A+Foreign+Direct+Investment+and+EU+Accession&rft.pub=Routledge&rft.date=2016-03-23&rft.isbn=9781317040651&rft.aulast=Bitzenis&rft.aufirst=Aristidis&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DvPjOCwAAQBAJ%26q%3D1999%252C%2BERM%2BII%2Breplaced%2Bthe%2Boriginal%2BERM%26pg%3DPT236&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Exchange+Rate+Mechanism" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nationalbanken.dk/en/what-we-do/stable-prices-monetary-policy-and-the-danish-economy/learn-about-inflation-interest-rates-and-the-fixed-exchange-rate-policy">"Learn about inflation, interest rates and the fixed exchange rate policy"</a>. <a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Danmarks Nationalbank</a><span class="reference-accessdate">. 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European Central Bank. 17 January 2000<span class="reference-accessdate">. Retrieved <span class="nowrap">26 April</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=17+January+2000+%E2%80%93+Euro+central+rates+and+intervention+rates+in+ERM+II&rft.pub=European+Central+Bank&rft.date=2000-01-17&rft_id=http%3A%2F%2Fwww.ecb.int%2Fpress%2Fpr%2Fdate%2F2000%2Fhtml%2Fpr000117.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Exchange+Rate+Mechanism" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/press/pr/date/2004/html/pr040628.en.html">"28 June 2004 – Euro central rates and compulsory intervention rates in ERM II"</a>. European Central Bank. 28 June 2004<span class="reference-accessdate">. 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European Central Bank. 29 May 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">26 April</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Euro+central+rates+and+compulsory+intervention+rates+in+ERM+II&rft.pub=European+Central+Bank&rft.date=2008-05-29&rft_id=http%3A%2F%2Fwww.ecb.int%2Fpress%2Fpr%2Fdate%2F2008%2Fhtml%2Fpr080529_1.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Exchange+Rate+Mechanism" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_Exchange_Rate_Mechanism&action=edit&section=13" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.parliament.uk/about/living-heritage/evolutionofparliament/legislativescrutiny/parliament-and-europe/overview/britain-joins-erm-to-introduction-of-single-currency/">The ERM on the UK Parliament website</a></li> <li><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/html/index.en.html">European Central Bank press releases</a></li> <li><a rel="nofollow" class="external text" href="https://www.theguardian.com/fromthearchive/story/0,12269,793335,00.html">Guardian Unlimited | Special reports | Pound drops out of ERM – 17 September 1992</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline 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title="Capital Markets Union">Capital Markets Union</a></li> <li><a href="/wiki/European_banking_union" title="European banking union">European banking union</a></li> <li><a href="/wiki/Euro_sign" title="Euro sign">Euro sign</a></li> <li><a href="/wiki/Eurozone" title="Eurozone">Eurozone</a></li> <li><a href="/wiki/Language_and_the_euro" title="Language and the euro">Language</a></li> <li><i><a href="/wiki/Euro-Skulptur" title="Euro-Skulptur">Euro-Skulptur</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Administration</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a></li> <li><a href="/wiki/President_of_the_European_Central_Bank" title="President of the European Central Bank">ECB president</a></li> <li><a href="/wiki/European_System_of_Central_Banks" title="European System of Central Banks">European System of Central Banks</a></li> <li><a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a></li> <li><a href="/wiki/Economic_and_Financial_Affairs_Council" title="Economic and Financial Affairs Council">Ecofin</a></li> <li><a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a></li> <li><a href="/wiki/Euro_summit" title="Euro summit">Euro summit</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Fiscal provisions</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Stability_and_Growth_Pact" title="Stability and Growth Pact">Stability and Growth Pact</a></li> <li><a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">European Stability Mechanism</a></li> <li><a href="/wiki/Euro_Plus_Pact" title="Euro Plus Pact">Euro Plus Pact</a></li> <li><a href="/wiki/Sixpack_(European_Union_law)" class="mw-redirect" title="Sixpack (European Union law)">Six pack</a></li> <li><a href="/wiki/European_Fiscal_Compact" title="European Fiscal Compact">European Fiscal Compact</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economy</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Europe" title="Economy of Europe">Economy of Europe</a></li> <li><a href="/wiki/Economy_of_the_European_Union" title="Economy of the European Union">Economy of the European Union</a></li> <li><a href="/wiki/Eonia" title="Eonia">Eonia</a></li> <li><a href="/wiki/Euro_calculator" title="Euro calculator">Euro calculator</a></li> <li><a href="/wiki/Euribor" title="Euribor">Euro interbank offered rate (Euribor)</a></li> <li><a href="/wiki/Single_Euro_Payments_Area" title="Single Euro Payments Area">Single euro payments area (SEPA)</a> <ul><li><a href="/wiki/European_Payments_Initiative" title="European Payments Initiative">European payments initiative (EPI)</a></li></ul></li> <li><a href="/wiki/Euro_Currency_Index" title="Euro Currency Index">Euro Currency Index</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/International_status_and_usage_of_the_euro" title="International status and usage of the euro">International status</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eurobond_(eurozone)" title="Eurobond (eurozone)">Proposed eurobonds</a></li> <li><a href="/wiki/Reserve_currency" title="Reserve currency">Reserve currency</a></li> <li><a href="/wiki/Petrocurrency" title="Petrocurrency">Petroeuro</a></li> <li><a href="/wiki/World_currency" title="World currency">World currency</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Denominations</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro_coins" title="Euro coins">Coins</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1_euro_cent_coin" title="1 euro cent coin">1c</a></li> <li><a href="/wiki/2_euro_cent_coin" title="2 euro cent coin">2c</a></li> <li><a href="/wiki/5_euro_cent_coin" title="5 euro cent coin">5c</a></li> <li><a href="/wiki/10_euro_cent_coin" title="10 euro cent coin">10c</a></li> <li><a href="/wiki/20_euro_cent_coin" title="20 euro cent coin">20c</a></li> <li><a href="/wiki/50_euro_cent_coin" title="50 euro cent coin">50c</a></li> <li><a href="/wiki/1_euro_coin" title="1 euro coin">1 €</a></li> <li><a href="/wiki/2_euro_coin" title="2 euro coin">2 €</a></li> <li><a href="/wiki/2_euro_commemorative_coins" title="2 euro commemorative coins">2 € commemorative coins</a></li> <li><a href="/wiki/Euro_gold_and_silver_commemorative_coins" title="Euro gold and silver commemorative coins">Other commemorative coins</a></li> <li><a href="/wiki/Identifying_marks_on_euro_coins" title="Identifying marks on euro coins">Identifying marks</a></li> <li><a href="/wiki/Euro_starter_kits" title="Euro starter kits">Starter kits</a></li> <li><a href="/wiki/Europa_coin_programme" title="Europa coin programme">Europa coin programme</a></li> <li><a href="/wiki/List_of_euro_mints" title="List of euro mints">Euro mint</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro_banknotes" title="Euro banknotes">Banknotes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/5_euro_note" title="5 euro note">5 €</a></li> <li><a href="/wiki/10_euro_note" title="10 euro note">10 €</a></li> <li><a href="/wiki/20_euro_note" title="20 euro note">20 €</a></li> <li><a href="/wiki/50_euro_note" title="50 euro note">50 €</a></li> <li><a href="/wiki/100_euro_note" title="100 euro note">100 €</a></li> <li><a href="/wiki/200_euro_note" title="200 euro note">200 €</a></li> <li><a href="/wiki/500_euro_note" title="500 euro note">500 €</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Coins by country with minting rights</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Eurozone" title="Eurozone">Eurozone</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Austrian_euro_coins" title="Austrian euro coins">Austria</a></li> <li><a href="/wiki/Belgian_euro_coins" title="Belgian euro coins">Belgium</a></li> <li><a href="/wiki/Croatian_euro_coins" title="Croatian euro coins">Croatia</a></li> <li><a href="/wiki/Cypriot_euro_coins" title="Cypriot euro coins">Cyprus</a></li> <li><a href="/wiki/Estonian_euro_coins" title="Estonian euro coins">Estonia</a></li> <li><a href="/wiki/Finnish_euro_coins" title="Finnish euro coins">Finland</a></li> <li><a href="/wiki/French_euro_coins" title="French euro coins">France</a></li> <li><a href="/wiki/German_euro_coins" title="German euro coins">Germany</a></li> <li><a href="/wiki/Greek_euro_coins" title="Greek euro coins">Greece</a></li> <li><a href="/wiki/Irish_euro_coins" title="Irish euro coins">Ireland</a></li> <li><a href="/wiki/Italian_euro_coins" title="Italian euro coins">Italy</a></li> <li><a href="/wiki/Latvian_euro_coins" class="mw-redirect" title="Latvian euro coins">Latvia</a></li> <li><a href="/wiki/Lithuanian_euro_coins" class="mw-redirect" title="Lithuanian euro coins">Lithuania</a></li> <li><a href="/wiki/Luxembourgish_euro_coins" title="Luxembourgish euro coins">Luxembourg</a></li> <li><a href="/wiki/Maltese_euro_coins" title="Maltese euro coins">Malta</a></li> <li><a href="/wiki/Dutch_euro_coins" title="Dutch euro coins">Netherlands</a></li> <li><a href="/wiki/Portuguese_euro_coins" title="Portuguese euro coins">Portugal</a></li> <li><a href="/wiki/Slovak_euro_coins" title="Slovak euro coins">Slovakia</a></li> <li><a href="/wiki/Slovenian_euro_coins" title="Slovenian euro coins">Slovenia</a></li> <li><a href="/wiki/Spanish_euro_coins" title="Spanish euro coins">Spain</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro#Agreed_direct_usage_with_minting_rights" title="Euro">Monetary agreement with EU</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Andorra_and_the_euro" title="Andorra and the euro">Andorra</a></li> <li><a href="/wiki/Mon%C3%A9gasque_euro_coins" title="Monégasque euro coins">Monaco</a></li> <li><a href="/wiki/Sammarinese_euro_coins" class="mw-redirect" title="Sammarinese euro coins">San Marino</a></li> <li><a href="/wiki/Vatican_euro_coins" title="Vatican euro coins">Vatican City</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Euro#Agreed_direct_usage_without_minting_rights" title="Euro">Non-EU territories<br /> using euro per agreement<br /> without minting rights</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Saint_Barth%C3%A9lemy" title="Saint Barthélemy">Saint Barthélemy</a></li> <li><a href="/wiki/Saint_Pierre_and_Miquelon" title="Saint Pierre and Miquelon">Saint Pierre and Miquelon</a></li> <li><a href="/wiki/French_Southern_and_Antarctic_Lands" title="French Southern and Antarctic Lands">French Southern and Antarctic Lands</a></li> <li><a href="/wiki/Akrotiri_and_Dhekelia" title="Akrotiri and Dhekelia">Akrotiri and Dhekelia</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Potential adoption by<br />other countries</div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bulgaria_and_the_euro" title="Bulgaria and the euro">Bulgaria</a></li> <li><a href="/wiki/Czech_Republic_and_the_euro" title="Czech Republic and the euro">Czech Republic</a></li> <li><a href="/wiki/Denmark_and_the_euro" title="Denmark and the euro">Denmark</a></li> <li><a href="/wiki/Hungary_and_the_euro" title="Hungary and the euro">Hungary</a></li> <li><a href="/wiki/Poland_and_the_euro" title="Poland and the euro">Poland</a></li> <li><a href="/wiki/Romania_and_the_euro" title="Romania and the euro">Romania</a></li> <li><a href="/wiki/Sweden_and_the_euro" title="Sweden and the euro">Sweden</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Euro#Unilateral_direct_usage" title="Euro">Countries and territories<br />using euro unilaterally</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Kosovo_and_the_euro" title="Kosovo and the euro">Kosovo</a></li> <li><a href="/wiki/Montenegro_and_the_euro" title="Montenegro and the euro">Montenegro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Currencies_of_the_European_Union" title="Currencies of the European Union">Other extant EU currencies</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">ERM <span style="font-family:serif;">II</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a></li> <li><a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Czech_koruna" title="Czech koruna">Czech koruna</a></li> <li><a href="/wiki/Hungarian_forint" title="Hungarian forint">Hungarian forint</a></li> <li><a href="/wiki/Polish_z%C5%82oty" title="Polish złoty">Polish złoty</a></li> <li><a href="/wiki/Romanian_leu" title="Romanian leu">Romanian leu</a></li> <li><a href="/wiki/Swedish_krona" title="Swedish krona">Swedish krona</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_euro" title="History of the euro">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">General</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li>"<a href="/wiki/Snake_in_the_tunnel" title="Snake in the tunnel">Snake in the tunnel</a>"</li> <li><a href="/wiki/European_Monetary_System" title="European Monetary System">European Monetary System</a> <ul><li><span style="font-family:serif;font-size:85%;">I</span> <span style="font-size:85%;"><a href="/wiki/European_Currency_Unit" title="European Currency Unit">ECU</a></span></li> <li><span style="font-family:serif;font-size:85%;">II</span> <span style="font-size:85%;"><a class="mw-selflink selflink">ERM</a></span></li> <li><span style="font-family:serif;font-size:85%;">III</span> <span style="font-size:85%;"><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">EMU</a></span></li></ul></li> <li><a href="/wiki/European_Monetary_Cooperation_Fund" title="European Monetary Cooperation Fund">European Monetary Cooperation Fund</a></li> <li><a href="/wiki/Delors_Committee" title="Delors Committee">Delors Committee</a></li> <li><a href="/wiki/European_Monetary_Institute" title="European Monetary Institute">European Monetary Institute</a></li> <li><a href="/wiki/Enlargement_of_the_eurozone" title="Enlargement of the eurozone">Enlargement</a></li> <li><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a></li> <li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/Withdrawal_from_the_eurozone" title="Withdrawal from the eurozone">Withdrawal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Previous EU members<br />and euro</div></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_Kingdom_and_the_euro" title="United Kingdom and the euro">United Kingdom</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Preceding currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Currency_Unit" title="European Currency Unit">European Currency Unit</a></li> <li><a href="/wiki/Austrian_schilling" title="Austrian schilling">Austrian schilling</a></li> <li><a href="/wiki/Belgian_franc" title="Belgian franc">Belgian franc</a></li> <li><a href="/wiki/Croatian_kuna" title="Croatian kuna">Croatian kuna</a></li> <li><a href="/wiki/Cypriot_pound" title="Cypriot pound">Cypriot pound</a></li> <li><a href="/wiki/Dutch_guilder" title="Dutch guilder">Dutch guilder</a></li> <li><a href="/wiki/Estonian_kroon" title="Estonian kroon">Estonian kroon</a></li> <li><a href="/wiki/Finnish_markka" title="Finnish markka">Finnish markka</a></li> <li><a href="/wiki/French_franc" title="French franc">French franc</a></li> <li><a href="/wiki/Deutsche_Mark" title="Deutsche Mark">German Mark</a></li> <li><a href="/wiki/Modern_drachma" title="Modern drachma">Greek drachma</a></li> <li><a href="/wiki/Irish_pound" title="Irish pound">Irish pound</a></li> <li><a href="/wiki/Italian_lira" title="Italian lira">Italian lira</a></li> <li><a href="/wiki/Latvian_lats" title="Latvian lats">Latvian lats</a></li> <li><a href="/wiki/Lithuanian_litas" title="Lithuanian litas">Lithuanian litas</a></li> <li><a href="/wiki/Luxembourg_franc" title="Luxembourg franc">Luxembourg franc</a></li> <li><a href="/wiki/Maltese_lira" title="Maltese lira">Maltese lira</a></li> <li><a href="/wiki/Mon%C3%A9gasque_franc" title="Monégasque franc">Monégasque franc</a></li> <li><a href="/wiki/Portuguese_escudo" title="Portuguese escudo">Portuguese escudo</a></li> <li><a href="/wiki/Sammarinese_lira" title="Sammarinese lira">Sammarinese lira</a></li> <li><a href="/wiki/Slovak_koruna" title="Slovak koruna">Slovak koruna</a></li> <li><a href="/wiki/Slovenian_tolar" title="Slovenian tolar">Slovenian tolar</a></li> <li><a href="/wiki/Spanish_peseta" title="Spanish peseta">Spanish peseta</a></li> <li><a href="/wiki/Vatican_lira" title="Vatican lira">Vatican lira</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Former fiscal provisions</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Financial_Stability_Facility" title="European Financial Stability Facility">European Financial Stability Facility</a></li> <li><a href="/wiki/European_Financial_Stabilisation_Mechanism" title="European Financial Stabilisation Mechanism">European Financial Stabilisation Mechanism</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><b><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></b></li> <li><b><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:European_Union" title="Portal:European Union">European Union portal</a></b></li> <li><b><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Numismatics" title="Portal:Numismatics">Numismatics portal</a></b></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=European_Exchange_Rate_Mechanism&oldid=1247955683">https://en.wikipedia.org/w/index.php?title=European_Exchange_Rate_Mechanism&oldid=1247955683</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Category</a>: <ul><li><a href="/wiki/Category:Eurozone" 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