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| | Eesti Pank - Bank of Estonia |
 | | Entry to the ERM II leaves the exchange rate of Estonian kroon unchanged. | | | Entry to the ERM II Leaves the Exchange Rate of Estonian Kroon Unchanged | | | Membership in ERM II will be minimum two years but the length also depends on the fulfilment of Maastricht criteria. |
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http://www.bankofestonia.info/pub/en/yldine/press/pressiteated/pt2004/_20040627.html?objId=518139
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| | emu |
| | Moreover the rules of ERM II want to exclude the worst case that the ECB could be involved in commitments of intervention in the exchange rate market to foster a non-credible exchange rate parity. | | | ERM II contains rules and commitments for the ECB to manage the integration of the existing EU member states which are not adopting the single currency from the outset. | | | The objectives of the ERM II are to govern the present "Pre-ins" (Denmark, Greece, Sweden and United Kingdom) on their way to convergence and therefore to the membership of the EMU. |
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http://www.wiwiss.fu-berlin.de/w3/w3tomann/muchlinski/emu.html
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| | Ministry of Finance |
| | The agreement on participation of the kroon in ERM II is based on a firm commitment by the Estonian authorities to continue with sound fiscal policies, which are essential for preserving macroeconomic stability, for supporting an orderly and substantial reduction of the current account deficit, and for ensuring the sustainability of the convergence process. | | | Entry to the ERM II leaves the exchange rate of Estonian kroon unchanged. | | | ERM II is a multilateral agreement with an objective to endorse the exchange rate stability and co-ordination in Europe. |
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http://www.fin.ee/?id=10652
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| | Nationalbanken // Monetary Policy // Web document // Exchange Rate Mechanism / ERM II |
| | The standard width of the fluctuation band in ERM II is +/- 15 per cent. | | | The euro is at the core of ERM II, and the other participating currencies have central rates vis-à-vis the euro, but not vis-à-vis each other. | | | Denmark participates in ERM II at a central rate of kr. |
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http://www.nationalbanken.dk/DNUK/MonetaryPolicy.nsf/side/Exchange_Rate_Mechanism__ERM_II?OpenDocument
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| | Press Releases and Speeches - The Central Bank of Malta |
| | Strategies based on free floats, pegs to currencies other than the euro and crawling pegs are not compatible with ERM II. | | | ERM II is a fixed exchange rate regime, involving the adoption of a central exchange rate against the euro in agreement with the ECB. | | | The rationale behind ERM II is that, if a country succeeds in maintaining the value of its currency against the euro within the fluctuation bands for a period of two years, then it would be reasonable to assume that the country would be able to deal with the binding constraints of EMU. |
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http://www.centralbankmalta.com/test/site/pr1main.asp?ItemID=249
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| | European Exchange Rate Mechanism - Wikipedia |
| | Currencies in ERM II are allowed to float within a range of ±15% with respect to a central rate against the euro. | | | The Estonian kroon, Lithuanian litas, and Slovenian tolar were included in the ERM II on June 28, 2004, the Cyprus pound, the Latvian lats and the Maltese lira on May 2, 2005. | | | Before the introduction of the Euro, exchange rates were based on the ECU, the European unit of account, whose value was determined as a weighted average of the participating currencies. |
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http://en.wikipedia.org/wiki/European_Exchange_Rate_Mechanism
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| | Euro - ERM II |
| | The ERM II, of which membership is voluntary, replaces the former ERM, and has the following features: | | | In order to prepare these currencies for later participation in the euro area while helping to ensure exchange rate discipline throughout the European Union (EU), a new exchange rate mechanism (ERM II) was introduced on 1 January 1999. | | | Euro - ERM II Exchange Rate Mechanism (ERM2) |
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http://www.bportugal.pt/euro/emu/mtc2_e.htm
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| | Bank of Lithuania |
| | The central rate of a country participating in ERM II must be appropriate to its economic fundamentals and ensure competitiveness. | | | The position of the Bank of Lithuania is that the fixed exchange rate regime and the rate of the litas and the euro that had existed at the time of joining ERM II will also be appropriate at the time of the adoption of the euro in Lithuania. | | | ERM II is an exchange rate policy system of euro-area countries and EU Member States that have not adopted the euro. |
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http://www.lb.lt/eng/integration/euro.html
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| | Slovenia Business Week |
| | Mramor and Solbes also discussed how Slovenia could get the EU's support to carry out the programme to enter the ERM II and the EMU, which was adopted by the government on 13 November. | | | The programme of Slovenia's entry into the Exchange Rate Mechanism II (ERM II) and the EMU is credible, and I assume that on the basis of what is written in it Slovenia could join the EMU in 2007, Commissioner Solbes said after meeting Slovenian Finance Minister Dusan Mramor. | | | In meeting with the prime minister, Solbes was reassured that not only is the government firmly behind the programme of entry into the Exchange Rate Mechanism II (ERM II) and the EMU, but it has also gained the support of economists and the social partners. |
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http://www.gzs.si/SBW/head.asp?idc=14546
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| | Suomen Pankki - Finlands Bank - Bank of Finland |
| | The European Monetary System (EMS) was replaced by a new exchange rate mechanism (ERM II) at the start of Stage Three of Economic and Monetary Union (EMU) on 1 January 1999. | | | Central rates are defined in terms of the euro for the currency of each country participating in ERM II. | | | Conventions and Procedures for the Exchange Rate Mechanism II (ERM II) 28 June 2004 |
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http://www.bof.fi/eng/2_rahapolitiikka/2.4_EMU/2.4.1_ERMII/intro.stm
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| | Bank of Slovenia -- Monthly bulletins |
| | Entry into ERM II entails, among other measures, the setting of a central exchange rate in agreement with the competent European institutions. | | | Joining ERM II is both a preparation and a condition for adoption of the euro, which the Bank of Slovenia and the Slovenian government plan at the start of 2007. | | | From the time the Slovenian tolar entered ERM II until 20 July the exchange rate on the foreign exchange market remained close to the parity level, with the average deviation amounting to 0.06% and a maximum deviation of 0.12%. |
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http://www.bsi.si/html/eng/publications/bulletins/bil_2004_07.html
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| | Xak.com: 7 EU accession countries on positive outlook - Fitch |
| | So far only the Czech Republic has announced that it will not join ERM II until later. | | | Fitch also considers that where Exchange Rate Mechanism (ERM II) participation indicates a credible commitment to meet the Maastricht criteria and join the euro area within a few years, it can be a rating strength. | | | A country may also benefit from the European Central Bank's (ECB) support for ERM II participants, reducing the vulnerability to episodes of financial market contagion. |
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http://www.xak.com/main/newsshow.asp?id=26346
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| | The Times & The Sunday Times, Malta - Business |
| | And since pegs to currencies other than the euro are incompatible with ERM II, our current exchange rate regime, which includes the euro, the US dollar and sterling, would need to change. | | | During the ERM II phase, which for most new members would start soon after EU accession, the Maltese lira will be fully pegged to the euro and the exchange rate would be allowed to fluctuate by up to ±15 per cent around a central rate to be agreed with the European Central Bank (ECB). | | | From the date of EU accession until the end of the ERM II phase, Malta would qualify as 'a member state with a derogation', the lira would remain the national currency and monetary policy would continue to be set by the Central Bank. |
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http://business.timesofmalta.com/article.php?id=990
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| | Category: |
| | ERM II means a great commitment not only for the government but also for companies, PM Rop stressed. | | | The exchange rate policy will change as a result of the ERM II entry, said Gaspari, and added that the central bank's primary goal will now be the stability of the exchange rate, something which interest rate policy and other instruments of the central bank will be subjected to. | | | Slovenia is entering ERM II earlier than previously planned by the government and the central bank; Gaspari said the circumstances are such as to have prompted such development. |
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http://www.uvi.si/eng/government/press-releases/id?&i1=STA-UVI&i2=ang&i3=1&i4=spj&i5=ter_dvl_021&i10=artic&i12=F3F84E91797507F5C1256EC20041A324&i15=on&j1=ISO-8859-2&j2=&j3=&j4
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| | EconPapers: Strategic Exchange-Rate Policy of Accession Countries in ERM II |
| | ERM II shall provide for an adequate level of convergence between prospective and current members of European Monetary Union (EMU). | | | Accordingly, the phase of ERM II is considered to be a bargaining on the distribution of costs of convergence between prospective and current members of EMU. | | | It is pointed out that it is more appropriate to analyse exchange-rate policy in course of Exchange Rate Mechanism II (ERM II) with regard to a changing incentive structure. |
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http://econpapers.repec.org/paper/ezoezppap/wp14.htm
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| | Dublin European Council (12/96): Annexes to Conclusions |
| | ERM 2 will be based on central rates, defined vis-a-vis the euro which will be at the centre of the system. | | | Thus, markets would be reassured about the continuity of monetary and exchange rate policy cooperation in the EU, preserving the role of the present ERM for non-euro area currencies during the interim period. | | | In the light of the abovementioned principles, the new mechanism could be designed along the following lines. |
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http://www.europarl.eu.int/summits/dub2_en.htm
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| | ECONOMIC AND MONETARY UNION FACTS AND INFORMATION |
| | On 16-17_June 1997, the European_Council decides at Amsterdam to adopt the Stability_and_Growth_Pact, designed to ensure budgetary discipline after creation of the euro, and a new exchange rate mechanism (ERM II) is set up to provide stability between the euro and the national currencies of countries that won't yet have entered the eurozone. | | | Prior to adopting the euro, a member state has to have its currency in the European_Exchange_Rate_Mechanism (ERM II) for two years. | | | On 1_July, 1990, exchange controls were abolished, thus capital movements were completely liberalised in the EEC. |
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http://velocipay.com/Economic_and_Monetary_Union
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| | ECB Annual Report 1998 66 |
| | In accordance with the European Council Resolution on the new exchange rate mechanism, the decisions on the terms of the participation of the Danish krone and the Greek drachma in ERM II, i.e. | | | To ensure that operations in domestic assets and liabilities do not undermine the single monetary policy by creating unwarranted liquidity and signalling effects, any financial operations in domestic assets and liabilities by the NCBs which are not carried out for monetary policy purposes are subject to internal ECB rules. | | | Hence the decision was taken to pre-announce the bilateral rates (equal to the ERM central rates) of the currencies participating in the euro area that would be used on 31 December 1998 to determine the irrevocable euro exchange rates. |
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http://sceco.univ-poitiers.fr/Cdi/II_A.html
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| | HSBC Bank Malta p.l.c. - New exchange rate mechanism (ERM II) frequently asked questions |
| | ERM II is an arrangement in which a formal rate of exchange is established between the euro and the national currency of each participant of the mechanism. | | | ERM II should enable the country to prepare its economy for euro adoption and to test the sustainability of the convergence process and of the exchange rate which will be chosen as the eventual conversion rate to the euro. | | | Realignments of the central parity rate are made by common procedure, which both the European Central Bank (ECB) and the member states have the right to initiate. |
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http://www.hsbcmalta.com/htmlnew/erm2faq.htm
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| | Bank of Greece |
| | As already announced, the drachma has joined the new Exchange Rate Mechanism (ERM-II), which will begin to operate on 1 January 1999. | | | The Bank of Greece, in order to achieve the final objective of price stability, will continue to aim to maintain the exchange rate of the drachma against the euro close to its central rate in ERM-II. | | | The central rate of the drachma against the euro in the new mechanism has been set at 353.109 drachmas per euro, while the standard fluctuation bands (+15 per cent) continues to apply. |
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http://www.bankofgreece.gr/en/announcements/text_release.asp?relid=72
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| | Slovenia Business Week |
| | The alignment of economic policies is also relevant for Slovenia's entry into the ERM II, when Slovenia will have to change its exchange rate policy from the present fluctuating mechanism to a fixed exchange-rate mechanism with a 15-percent corridor. | | | Gaspari also highlighted some potential traps on the international scale next year, notably the uncertain oil price, the unpredictable fluctuations of the dollar/euro exchange rate, and economic recovery of Slovenia's most important trade partners, especially Germany, where things are not looking up. | | | The long-term interest rate, which the country is gradually introducing, is also related to inflation. |
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http://www.gzs.si/SBW/head.asp?idc=11783
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| | Athens Exchange |
| | Participants pointed out that, because of large differences that exist between countries in terms of economic structures, exchange rate and monetary regimes and the degree of nominal and real convergence already achieved, no single path towards ERM II and the adoption of the euro can be identified and recommended. | | | This year?s seminar focused on monetary and exchange rate policies and the practical functioning of the Exchange Rate Mechanism II (ERM II), budgetary discipline in the context of the Stability and Growth Pact and, finally, issues relating to financial standards, accounting regulations and corporate governance. | | | The ECB was also represented by Tommaso Padoa-Schioppa, member of the Executive Board. |
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http://www.ase.gr/content/en/announcements/companiespress/Press.asp?press_id=936
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| | EconPapers: Exchange Rate Regimes and Poland's Participation in ERM II |
| | Exchange Rate Regimes and Poland's Participation in ERM II Jakub Borowski, Michal Brzoza-Brzezina and Piotr Szpunar | | | We describe the benefits and drawbacks of ERM II participation and consider the eventuality of parity revaluation. | | | Abstract: In this paper we address some of the issues resulting from Poland's will to join the Economic and Monetary Union. |
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http://econpapers.repec.org/paper/wpawuwpma/0302002.htm
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| | Business News Archive |
| | Bank of Lithuania signals readiness for ERM II without specifying any terms | | | Lithuania is well-prepared to join exchange rate mechanism II (ERM II), the Bank of Lithuania has announced on Wednesday. | | | The country's GDP came in at 13.357 billion litas (EUR 3. |
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http://www.ub.lt/index.php/en/press/business/,20040609
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| | OECD Glossary of Statistical Terms - ERM II |
| | OECD Glossary of Statistical Terms - ERM II Click Here for a list of Acronyms.', CAPTION, 'English Title');" onmouseout="nd();">ERM II Glossary Home | | | Place your mouse over the titles for information |
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http://cs3-hq.oecd.org/scripts/stats/glossary/detail.asp?ID=3056
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| | SCADPlus: New exchange-rate mechanism (ERM II) |
| | Annex II, which sets the ceilings for access to the very short-term financing facility for each central bank, is also adjusted. | | | The aim of ERM II is to maintain exchange-rate stability between the euro and the participating national currencies. | | | This is important to ensure that excessive exchange-rate fluctuations do not cause problems in the internal market. |
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http://europa.eu.int/scadplus/leg/en/lvb/l25047.htm
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| | Euro & You |
| | (Denmark is a member of the Exchange Rate Mechanism II (ERM II) which means that the Danish krone is linked to the euro, although the exchange rate is not fixed.). | | | For non-customers, during the same short period, free-of-charge exchanges will in most cases be limited to household amounts (except in Germany, where non-customers will be charged). | | | The EURO - ROUBLE conversion rates can be found on |
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http://www.delrus.cec.eu.int/en/printp_360.htm
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| | Economic and Financial Affairs - The Euro: Our Currency - Glossary |
| | The main components of the EMS were the ECU, the exchange rate and intervention mechanism (ERM) and various credit mechanisms. | | | Exchange rate and intervention mechanism of the European Monetary System (EMS), which defined the exchange rates of the currencies participating in terms of central rates against the ECU. | | | These rates were determined on 31 December 1998 for 11 national currencies (31 December 2000 for the Greek drachma) by dividing the market value of the euro by the market values of the individual participating currencies. |
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http://europa.eu.int/comm/economy_finance/euro/glossary/glossary_en.htm
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| | Adopting the euro in the new Member States |
| | A central exchange rate for the three currencies (the Estonian kroon, the Lithuanian litas and the Slovenian tolar) against the euro and a fluctuation band within ERM II were established on 27 June 2004. | | | Malta's average inflation rate was 2.7% in 2004, with a similar figure projected for 2005. | | | Slovenia's average inflation rate was 3.6% in 2004, with 2.9% projected for 2005. |
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http://www.euractiv.com/Article?tcmuri=tcm:29-129655-16&type=Overview
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| | Exchange Rate of the Maltese Lira against the Euro |
| | This is part of the preparatory process for the eventual participation of the Maltese Lira in Exchange Rate Mechanism II (ERM II). | | | As regards the Maltese Lira exchange rate against all other currencies, the rate shall continue to be quoted in terms of number of units of foreign currency per one Maltese Lira, as at present | | | As from 1 April 2005, banks in Malta shall quote and publish the exchange rate of the Maltese Lira against the euro solely in terms of units of Maltese Lira per one euro. |
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http://www.di-ve.com/dive/portal/portal.jhtml?id=173430&pid=80
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