Lithuania, Slovenia and Estonia Move Towards Euro

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.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Regional recipes for success

European conference promotes regional solutions to global challenges. more »

Iceland Express to launch flights from Vilnius Airport

Iceland‘s low-fare airline Iceland Express will launch regular flights by the new-generation „Boeing 737-700“ planes to about 8 different destinations from Vinius International Airport. more »

Economic crisis: women in developing world pay high price

Over 3 million people around the world have lost their jobs due to the financial crisis and, according to the UN, economic recovery is unlikely to reach those that have suffered most - poor women and children. more »

Airport infrastructure in Lithuania: Commission approves State aid to airports of Vilnius, Kaunas and Palanga

The European Commission has today decided not to raise any objections to the public financing of infrastructure developments at three Lithuanian airports – Vilnius, Kaunas and Palanga International Airports. more »

Single Euro Payments Area (SEPA): Commission consultation shows general support for end-date for SEPA migration

The European Commission has published the results of a public consultation launched in June 2009 on whether and how deadlines should be set for the migration of existing national credit transfers and direct debits to the new Single Euro Payments Area (SEPA) payment instruments. more »

Innovative solutions to global challenges

A favourable climate for innovation in the EU can speed up the transition to an eco-efficient economy and increase Europe’s global competitiveness. more »

IMF Signs €15 Billion Borrowing Agreement with Deutsche Bundesbank

The International Monetary Fund (IMF) and the Deutsche Bundesbank have signed an agreement to provide the Fund with up to the equivalent of €15 billion (about US$22 billion). more »

ECB publishes the Euro Money Market Survey 2009

Today the European Central Bank is publishing a report entitled “Euro Money Market Survey 2009”, which illustrates the main developments in the euro money market in the second quarter of 2009, in comparison with the second quarter of 2008. more »

Banks and finance - a year on

New EU laws proposed for closer oversight of financial services industry, sending a strong signal to this week's G20 summit. more »

Commission statement on aid for Opel Europe

The European Commission has repeatedly underlined that the restructuring plan of new Opel Europe must guarantee that the company will be viable in the future. more »