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:
“If we ever feel discouraged by the apparent constraints on humanity, about its lack of elbowroom and freedom of action, we should think of the Jews and the Greeks, insignificant, powerless, and tiny in the age of the dinosaur empires, yet providing the growing points for the next stage in human destiny.”
—Barbara Ward (1914–1981)