Estonia, Lithuania and Slovenia on Sunday became the first EU newcomers to join the "exchange-rate mechanism"
Published:
29 June 2004 y., Tuesday
Estonia, Lithuania and Slovenia on Sunday became the first EU newcomers to join the "exchange-rate mechanism" (ERM-2), paving the way for them to join the euro as early as 2007.
The decision was taken at a highly secretive meeting in Brussels involving officials from the 12 euro zone countries, the European Central Bank, Denmark, and the three countries that had applied for ERM-2 entry, according to the Baltic News Service. ERM-2 is often referred to as the "holding bay" for the euro. Countries wishing to join the euro must participate in ERM-2 for a minimum of two years.
During these two years, the mechanism aims to ensure a stable exchange rate between the euro and the currency of the prospective euro member since currencies in ERM-2 are not allowed to fluctuate by more than 15 percent against the euro. But before joining the euro, the applicant country must fulfil other criteria, such as maintaining low inflation and a low budget deficit.
Šaltinis:
EUobserver.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »