Stage II
The European Monetary System was no longer a functional arrangement in May 1998 as the member countries fixed their mutual exchange rates when participating in the euro. Its successor however, the ERM-II, was launched on 1 January 1999. In ERM-II the ECU basket was discarded and the new single currency euro has become an anchor for the other currencies participating in the ERM 2. Participation in the ERM 2 is voluntary and the fluctuation bands remain the same as in the original ERM, i.e. +15 percent, once again with the possibility of individually setting a narrower band with respect to the euro. Denmark and Greece became new members.
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Famous quotes containing the word stage:
“The spectacle of misery grew in its crushing volume. There seemed to be no end to the houses full of hunted starved children. Children with dysentery, children with scurvy, children at every stage of starvation.... We learned to know that the barometer of starvation was the number of children deserted in any community.”
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