Cyprus, Latvia and Malta became members of the Exchange Rate Mechanism II (ERM II) as from 2 May. Their target date to join the euro is 2007.
Cyprus, Latvia and Malta have entered the European Exchange Rate Mechanism (ERM II) as a first step towards the adoption of the euro. The countries will have to spend two years in ERM II, keeping their currency fluctuations within a fixed (15%) range relative to the euro.
Accordingly, the shared target date for eurozone entry is 2007.
Effective 2 May 2005, the pivot rates are:
- Cypriot pound: 0.585274 to the euro
- Latvian lat: 0.702804 to the euro
- Maltese liri: 0.429300 to the euro