About: ERM

Le Pen proposes return to ECU-style system to replace euro

Eurozone countries should retreat from the euro single currency and return to a "common currency" structure, French National Front leader Marine Le Pen said on Wednesday (4 January), evoking the era of the ECU basket of currencies.

Slovak koruna re-evaluated against the euro

Slovakia’s currency has been re-evaluated upward to reflect strong economic growth and increased foreign investment, in a move that brings the Central European state one step closer to adopting the euro.

Slovakia ties koruna to the euro

Slovakia has become the seventh new EU member state to officially link its currency, the koruna, to the euro. 

Cyprus, Latvia and Malta peg currencies against euro

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.

Six new Members open ERM II entry talks

Hungary, along with Estonia, Latvia, Lithuania, Malta and Cyprus have initiated confidential negotiations with the ECB on entering their currencies into the EU's ERM II (Exchange Rate Mechanism for candidate countries).

Commission foresees fiscal sustainability of new EU members

Two new Commission studies state that low starting debt levels and expected high GDP growth constitute favourable conditions for the future EU members' medium-term fiscal sustainability.

Future EU members demand softer exchange rate mechanism

Central Bank governors from Poland, Hungary and the Czech Republic have urged the EU to soften its conditions for their entry into the euro-zone.

Solbes warns against new EU Members’ joining the euro soon

In a surprise move, the Commission proposes that euro zone-hopefuls should keep their currencies within a narrow 2.25 per cent trading range against the euro.