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.
Read more about this topic: European Monetary System
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“Their rebukes have never made me angry, because I have always wondered why they did not rebuke me more. They should have. Their friendly praise has been one of the sweetest, most warming things in my life in the theater. I do go on the stage unafraid of them and with love in my heart for them.”
—Minnie Maddern Fiske (1865–1932)