1278:
3385:
3373:
3361:
959:
775:
1100:
1320:
1179:
735:
1225:
1000:
899:
34:
1058:
435:
in 1979, because the UK had decided not to participate. (The Irish
Central Bank had maintained parity with sterling since the foundation of the state in 1922. "It was only in the 1970s, when high inflation in the UK threatened price stability in Ireland, that alternatives were seriously considered".)
303:
reportedly chose not to join the ERM in 1979 owing to concerns that it would benefit the German economy by preventing the
Deutsche Mark from appreciating, at the expense of the economies of other countries. The UK did join the ERM in October 1990 under Chancellor
419:, which need to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion. This requires having been a member of the ERM for a minimum of two years without the presence of "severe tensions" for the currency exchange rate.
274:
A grid (known as the Parity Grid) of bilateral rates was calculated on the basis of these central rates expressed in ECUs, and currency fluctuations had to be contained within a margin of 2.25% on either side of the bilateral rates (with the exception of the
469:, took to referring to ERM as an "Eternal Recession Mechanism", after the UK fell into recession in 1990. The UK spent over £6 billion trying to keep the currency within the narrow limits with reports at the time widely noting that the controversial
249:
to the euro (having the common currency as a central point). The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members. As of March 2024, two currencies participate in ERM II: the
408:, and then joined the eurozone on 1 January in the mentioned year: Slovenia (2007), Cyprus (2008), Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014), Lithuania (2015). Croatia, which joined in the EU 2013, adopted the euro in 2023.
266:
The ERM is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. This is also known as a semi-pegged system. Before the introduction of the euro, exchange rates were based on the
2316:
480:
Britain's membership of the ERM was also blamed for prolonging the recession at the time, and
Britain's exit from the ERM was seen as an economic failure which contributed significantly to the defeat of the
1816:
1974:
528:
was left at that time as the only participant member. A currency in ERM II is allowed to float within a range of ±15% with respect to a central rate against the euro. In the case of the krone,
804:
for more information. The euro is targeted to be introduced on
January 1, 2025, making the euro the country's second currency after more than 140 years of the lev being the national currency.
2051:
552:
1085:
The lira had been pegged to the euro since joining ERM II. Only two exceptions exist: 2005-05-02 (ECB rate: 1 EUR = 0.4288 MTL) and 2005-08-15 (ECB rate: 1 EUR = 0.4292 MTL).
695:
In theory, most of the currencies are allowed to fluctuate as much as 15% from their assigned value. In practice, however, the currency of
Denmark deviates very little.
291:, which were allowed to fluctuate by ±6%). Determined intervention and loan arrangements protected the participating currencies from greater exchange rate fluctuations.
462:". There was some revision of attitude towards this event given the UK's strong economic performance after 1992, with some commentators dubbing it "White Wednesday".
683:
to stay out of the mechanism, despite being expected to join by the ECB, since Sweden has no opt-out like
Denmark. EU members are required to join the ERM by the
477:'s individual profit of £1 billion equated to over £12 for each man, woman and child in Britain and dubbing Soros "the man who broke the Bank of England".
404:, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. The zone's next enlargements were with states that
356:
1361:
202:
1428:
1411:
193:
3131:
2377:
1522:
493:
in May 1997, despite the strong economic recovery and significant fall in unemployment which that government had overseen after Black
Wednesday.
2217:
1547:
1790:
350:
anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the D-Mark.
342:
came into being on 13 March 1979. The euro replaced the ECU 1:1 at the exchange rate markets, on 1 January 1999. Between 1979 and 1999 the
1752:
3341:
2554:
1486:
1381:
800:
The lev has been on the currency board since 1997 through a fixed exchange rate of the
Bulgarian lev against the Deutsche Mark. See
2647:
1685:
308:, in a move which at the time was largely supported by business and the press, but was forced to leave again two years later on
2445:
2430:
405:
364:
3336:
2353:
535:
EU countries that have not adopted the euro are expected to participate for at least two years in ERM II before joining the
490:
1577:
415:
in 1992 are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five economic
2910:
3139:
2244:
1695:
368:
331:
271:(ECU), the European unit of account, whose value was determined as a weighted average of the participating currencies.
165:
1931:
1800:
1916:
3003:
2435:
1769:"Council Regulation (EC) No 1103/97 of 17 June 1997 on certain provisions relating to the introduction of the euro"
2186:
2652:
1768:
1604:
450:
The United
Kingdom entered the ERM in October 1990, but was forced to exit the programme within two years after
1668:
1641:
169:
532:
keeps the exchange rate within the narrower range of ± 2.25% against the central rate of EUR 1 = DKK 7.46038.
2512:
1658:
517:
countries were frozen and the value of the euro, which then superseded the ECU at par, was thus established.
2026:
1631:
3169:
2537:
2486:
2476:
680:
2326:
3189:
3154:
3149:
2940:
401:
297:
219:
184:
59:
2642:
1256:
2887:
1868:
1730:
388:
2905:
2532:
2471:
2346:
2221:
2190:
1948:
1356:
684:
416:
3099:
2849:
2809:
524:
and Danish currencies were part of the new mechanism, but when Greece joined the euro in 2001, the
335:
235:
20:
2862:
104:
2992:
2491:
482:
245:
After the adoption of the euro, policy changed to linking currencies of EU countries outside the
140:
2291:
2142:
2065:
3205:
3109:
2867:
2387:
1975:"Croatia set to join the euro area on 1 January 2023: Council adopts final required legal acts"
1846:
1260:
339:
268:
231:
2269:
2164:
2109:
2087:
1893:
676:), are required to join in accordance with the terms of the applicable treaties of accession.
555:. The national currencies themselves were to become part of the ERM II at dates to be agreed.
372:
3376:
2935:
2915:
2824:
2804:
2662:
2425:
2402:
2382:
1820:
1305:
The litas was pegged to the US dollar until 2 February 2002, when it switched to a euro peg.
801:
529:
113:
45:
3164:
2960:
2950:
2945:
2857:
2834:
2339:
1429:
William Keegan: David
Cameron's EU referendum raises spectre of Thatcher-era euroscepticism
761:
327:
95:
80:
66:
52:
19:
This article is about the second European Exchange Rate Mechanism (ERM II). For ERM I, see
1523:"Radio Prague – Czech officials talk up euro adoption but target date still not on agenda"
8:
3093:
3077:
2987:
2965:
2955:
2764:
2754:
2744:
2562:
2544:
1389:
470:
321:
131:
87:
73:
3290:
2900:
2321:
3388:
3210:
2872:
2839:
2814:
2799:
2794:
2769:
2759:
2749:
2667:
122:
501:
In August 1993, the margin was expanded to 15% to accommodate speculation against the
3410:
3384:
3372:
3360:
3295:
2829:
2779:
2774:
2657:
2627:
2622:
2617:
2507:
1796:
1691:
1664:
1637:
1494:
412:
380:
284:
384:
376:
3300:
3280:
3275:
3144:
3048:
2976:
2819:
2789:
2784:
2612:
2607:
2602:
2567:
2165:"28 November 2005 – Euro central rates and compulsory intervention rates in ERM II"
1633:
Soros : the life, times & trading secrets of the world's greatest investor
1465:
1288:
844:
669:
563:
1999:
1712:
3310:
3159:
2522:
2327:
Guardian Unlimited | Special reports | Pound drops out of ERM – 17 September 1992
969:
820:
567:
459:
445:
309:
3053:
661:
3315:
3255:
3240:
3235:
2677:
2577:
2481:
2248:
2110:"28 June 2004 – Euro central rates and compulsory intervention rates in ERM II"
1189:
909:
828:
816:
657:
559:
521:
451:
432:
294:
288:
280:
223:
3404:
3305:
3250:
3230:
3225:
3220:
3215:
3063:
3022:
2715:
2710:
2705:
2572:
2408:
1498:
1330:
1207:
1110:
1010:
848:
836:
824:
785:
653:
649:
594:
590:
583:
571:
466:
400:
was established with its first 11 member states on 1 January 1999. The first
343:
255:
239:
513:
On 31 December 1998, the European Currency Unit (ECU) exchange rates of the
3364:
3320:
3285:
3270:
3265:
3245:
3058:
3043:
3027:
2700:
2695:
2690:
1235:
1068:
840:
832:
745:
673:
665:
645:
579:
575:
548:
525:
502:
474:
427:
To participate in the European Monetary System, Ireland chose to break the
300:
276:
251:
1817:"Learn about inflation, interest rates and the fixed exchange rate policy"
597:(which had joined the EU on 1 July 2013) would be included in the ERM II.
3260:
2685:
2637:
2632:
2455:
455:
428:
2066:"31 December 1998 – Euro central rates and intervention rates in ERM II"
600:
These states (with the exception of Bulgaria) have all since joined the
2594:
2440:
2194:
2088:"17 January 2000 – Euro central rates and intervention rates in ERM II"
486:
305:
1578:"The reason that Europe is having a breakdown...it's the Euro, stupid"
185:
EU members obliged to adopt the euro once convergence criteria are met
2450:
2392:
1283:
760:
The krone entered the ERM II in 1999, when the euro was created. See
629:
338:
with its Exchange Rate Mechanism and the related new common currency
1457:
2736:
2397:
1469:
1105:
964:
780:
617:
605:
601:
536:
514:
411:
All new EU members having joined the bloc after the signing of the
397:
246:
156:
38:
458:. The ensuing crash of 16 September 1992 was subsequently dubbed "
315:
16:
European system to reduce exchange rate variability after the Euro
2527:
1841:
1839:
1837:
1754:
Credit Growth in Emerging Europe: A Cause for Stability Concerns?
1325:
1210:
since its re-introduction on 20 June 1992, and then to the euro.
1184:
740:
633:
621:
2292:"Euro central rates and compulsory intervention rates in ERM II"
2270:"Euro central rates and compulsory intervention rates in ERM II"
2027:"Danish Central Bank Stumbles with Its Currency Peg to the Euro"
1382:"European Currency Unit Definition from Financial Times Lexicon"
1230:
1005:
904:
625:
609:
33:
2331:
2242:
1834:
644:
As of January 2023, two currencies participate in ERM II: the
354:
2517:
2245:"Slovakia, EU Raise Koruna's Central Rate After Appreciation"
1063:
613:
439:
2362:
227:
422:
1636:. Burr Ridge, Ill.: Irwin Professional Pub. p. 186.
1431:
W. Keegan, International Business Times, 19 October 2015
326:
The chart below provides a full summary of all applying
1792:
The Balkans: Foreign Direct Investment and EU Accession
551:(NCBs) of the new member countries became party to the
242:
variability and achieve monetary stability in Europe.
1929:
1914:
1751:
Sirtaine, Sophie; Skamnelos, Ilias (1 January 2007).
261:
1362:
List of acronyms associated with the eurozone crisis
672:), and Romania which joined on 1 January 2007 (the
1545:
222:on 1 January 1999 alongside the introduction of a
2378:Economic and Monetary Union of the European Union
2137:
2135:
2133:
2131:
2129:
2127:
1750:
1575:
570:were included in the ERM II on 28 June 2004; the
230:(replacing ERM 1 and the euro's predecessor, the
3402:
2243:Radoslav Tomek and Meera Louis (17 March 2007).
656:), the three largest countries which joined the
593:(which had joined the EU on 1 January 2007) and
2215:
1458:"Imported or Home Grown? The 1992-3 EMS Crisis"
1455:
1422:
520:In 1999, ERM II replaced the original ERM. The
316:Historical exchange-rate regimes for EU members
2124:
1934:(Press release) – via www.ecb.europa.eu.
1919:(Press release) – via www.ecb.europa.eu.
1602:
2347:
2052:"ERM II – the EU's Exchange Rate Mechanism"
1687:Soros the world's most influential investor
1259:arrangement whose anchor switched from the
177: EU members in ERM II, with an opt-out
3342:European Financial Stabilisation Mechanism
2354:
2340:
1541:
1539:
1440:
589:On 10 July 2020 it was announced that the
2167:. European Central Bank. 28 November 2005
2068:. European Central Bank. 31 December 1998
1896:. European Central Bank. 28 November 2005
1656:
1416:European Commission – European Commission
440:Sterling's forced withdrawal from the ERM
2090:. European Central Bank. 17 January 2000
1788:
1456:Eichengreen, Barry; Naef, Alain (2022).
508:
454:came under major pressure from currency
194:using the euro with a monetary agreement
1869:"What is ERM II? – European Commission"
1731:"1997: Labour landslide ends Tory rule"
1663:. London: Sanctuary. pp. 46, 168.
1536:
810:
423:Irish pound breaks parity with sterling
3403:
2272:. European Central Bank. 19 March 2007
2187:"Slovak Koruna Included in the ERM II"
1930:European Central Bank (10 July 2020).
1915:European Central Bank (10 July 2020).
1757:. World Bank Publications. p. 30.
1713:"Lessons learned on 'Black Wednesday'"
1683:
1629:
1548:"The Irish Pound: From Origins to EMU"
690:
496:
3337:European Financial Stability Facility
2528:Euro interbank offered rate (Euribor)
2335:
2218:"Exchange Rate Mechanism II (ERM II)"
2112:. European Central Bank. 28 June 2004
1949:"A timeline of the eurozone's growth"
1943:
1941:
1789:Bitzenis, Aristidis (23 March 2016).
1746:
1744:
1710:
1605:"An electoral curse yet to be lifted"
1487:"The problem with Europe is the euro"
815:The former members of ERM II are the
2729:Coins by country with minting rights
2322:European Central Bank press releases
2317:The ERM on the UK Parliament website
2294:. European Central Bank. 29 May 2008
2024:
1967:
1517:
1515:
1481:
1479:
2911:French Southern and Antarctic Lands
1603:Tebbit, Norman (10 February 2005).
13:
3140:European Monetary Cooperation Fund
2538:European payments initiative (EPI)
2193:. 28 November 2005. Archived from
1938:
1741:
1546:Irish Central Bank (Spring 2003).
1462:Journal of International Economics
262:Intent and operation of the ERM II
14:
3422:
2310:
1711:Davis, Evan (15 September 2002).
1576:Kaletsky, Anatole (9 June 2005).
1512:
1476:
1206:The kroon had been pegged to the
639:
542:
3383:
3371:
3359:
2533:Single euro payments area (SEPA)
2436:European System of Central Banks
1318:
1276:
1223:
1177:
1098:
1056:
998:
957:
897:
773:
733:
652:. The currencies of Sweden (the
365:EC convergence reports 1996-2014
218:) is a system introduced by the
212:European Exchange Rate Mechanism
32:
2361:
2284:
2262:
2236:
2209:
2179:
2157:
2102:
2080:
2058:
2044:
2018:
1992:
1923:
1908:
1886:
1861:
1809:
1782:
1761:
1723:
1704:
1677:
1650:
1623:
1596:
1263:to the euro on 1 January 2005.
685:Maastricht convergence criteria
1569:
1449:
1445:. Harper Collins. p. 163.
1434:
1404:
1374:
1:
2513:Economy of the European Union
2143:"ECB historic exchange rates"
2000:"Sweden 'not ready' for euro"
1847:"Foreign exchange operations"
1443:John Major: The Autobiography
1412:"Economic and Monetary Union"
553:ERM II Central Bank Agreement
465:Some commentators, following
2643:2 € commemorative coins
2477:European Stability Mechanism
1367:
7:
3150:European Monetary Institute
1350:
402:enlargement of the eurozone
298:Chancellor of the Exchequer
220:European Economic Community
203:using the euro unilaterally
10:
3427:
3004:Other extant EU currencies
2850:Monetary agreement with EU
1257:fixed exchange-rate system
443:
319:
18:
3354:
3329:
3198:
3178:
3085:
3076:
3036:
3012:
3001:
2977:Countries and territories
2974:
2924:
2906:Saint Pierre and Miquelon
2885:
2848:
2735:
2728:
2676:
2648:Other commemorative coins
2593:
2586:
2553:
2500:
2472:Stability and Growth Pact
2464:
2418:
2370:
2191:National Bank of Slovakia
1690:. New York: McGraw-Hill.
1357:Euro convergence criteria
1120:
1109:
1096:
1023:
1015:
1009:
996:
919:
908:
895:
875:
872:
865:
862:
859:
856:
715:
712:
709:
706:
703:
700:
681:has voted in a referendum
604:, and hence left ERM II:
31:
3330:Former fiscal provisions
3100:European Monetary System
2890:using euro per agreement
1917:"Communiqué on Bulgaria"
1657:Constable, Nick (2003).
336:European Monetary System
236:European Monetary System
21:European Monetary System
2979:using euro unilaterally
2492:European Fiscal Compact
1979:www.consilium.europa.eu
1932:"Communiqué on Croatia"
1894:"European Central Bank"
1849:. European Central Bank
1684:Slater, Robert (2009).
1630:Slater, Robert (1996).
547:On 1 May 2004, the ten
3206:European Currency Unit
2892:without minting rights
2388:European banking union
2054:. European Commission.
764:for more information.
632:(1 January 2015), and
549:national central banks
505:and other currencies.
269:European Currency Unit
168:in ERM II, without an
3377:European Union portal
2926:Potential adoption by
2916:Akrotiri and Dhekelia
2663:Europa coin programme
2426:European Central Bank
2383:Capital Markets Union
2216:European Commission.
1821:Danmarks Nationalbank
802:Bulgaria and the euro
586:on 28 November 2005.
530:Danmarks Nationalbank
509:History of the ERM II
406:joined the EU in 2004
328:exchange-rate regimes
320:Further information:
201: Non–EU members
192: Non–EU members
3199:Preceding currencies
3165:European debt crisis
2555:International status
2025:Ryan (19 May 2016).
811:Historical reference
762:Denmark and the euro
417:convergence criteria
3180:Previous EU members
3094:Snake in the tunnel
2545:Euro Currency Index
1441:John Major (1999).
691:Exchange rate bands
660:on 1 May 2004 (the
582:on 2 May 2005; the
497:Increase of margins
322:History of the euro
3389:Numismatics portal
3211:Austrian schilling
2888:Non-EU territories
2563:Proposed eurobonds
1955:. 31 December 2016
1555:Quarterly Bulletin
1493:. 10 August 2016.
1392:on 31 October 2018
1091:28 November 2005 –
636:(1 January 2023).
628:(1 January 2014),
624:(1 January 2011),
620:(1 January 2009),
616:(1 January 2008),
612:(1 January 2008),
608:(1 January 2007),
471:Hungarian-American
3398:
3397:
3350:
3349:
3296:Portuguese escudo
3072:
3071:
2881:
2880:
2724:
2723:
2653:Identifying marks
2508:Economy of Europe
2465:Fiscal provisions
2197:on 2 October 2006
1464:. Cambridge, MA.
1348:
1347:
1314:31 December 2022
1272:31 December 2014
1219:31 December 2013
1173:31 December 2010
1154:31 December 2008
1052:31 December 2007
1038:31 December 2007
1035:7 December 2007 –
953:31 December 2006
934:31 December 2000
931:17 January 2000 –
808:
807:
413:Maastricht Treaty
392:
377:Portuguese escudo
285:Portuguese escudo
238:(EMS), to reduce
234:) as part of the
3418:
3387:
3375:
3363:
3301:Sammarinese lira
3291:Monégasque franc
3281:Luxembourg franc
3276:Lithuanian litas
3145:Delors Committee
3134:
3128:
3123:
3117:
3112:
3106:
3083:
3082:
3049:Hungarian forint
3016:
3010:
3009:
2901:Saint Barthélemy
2733:
2732:
2591:
2590:
2568:Reserve currency
2356:
2349:
2342:
2333:
2332:
2304:
2303:
2301:
2299:
2288:
2282:
2281:
2279:
2277:
2266:
2260:
2259:
2257:
2255:
2240:
2234:
2233:
2231:
2229:
2224:on 23 April 2007
2220:. Archived from
2213:
2207:
2206:
2204:
2202:
2183:
2177:
2176:
2174:
2172:
2161:
2155:
2154:
2152:
2150:
2139:
2122:
2121:
2119:
2117:
2106:
2100:
2099:
2097:
2095:
2084:
2078:
2077:
2075:
2073:
2062:
2056:
2055:
2048:
2042:
2041:
2039:
2037:
2022:
2016:
2015:
2013:
2011:
1996:
1990:
1989:
1987:
1985:
1971:
1965:
1964:
1962:
1960:
1945:
1936:
1935:
1927:
1921:
1920:
1912:
1906:
1905:
1903:
1901:
1890:
1884:
1883:
1881:
1879:
1865:
1859:
1858:
1856:
1854:
1843:
1832:
1831:
1829:
1827:
1813:
1807:
1806:
1786:
1780:
1779:
1777:
1775:
1765:
1759:
1758:
1748:
1739:
1738:
1737:. 15 April 2005.
1727:
1721:
1720:
1708:
1702:
1701:
1681:
1675:
1674:
1660:This is gambling
1654:
1648:
1647:
1627:
1621:
1620:
1618:
1616:
1600:
1594:
1593:
1591:
1589:
1573:
1567:
1566:
1564:
1562:
1552:
1543:
1534:
1533:
1531:
1529:
1519:
1510:
1509:
1507:
1505:
1483:
1474:
1473:
1453:
1447:
1446:
1438:
1432:
1426:
1420:
1419:
1408:
1402:
1401:
1399:
1397:
1388:. Archived from
1378:
1324:
1322:
1321:
1312:
1296:
1282:
1280:
1279:
1270:
1246:
1245:
1229:
1227:
1226:
1217:
1197:
1183:
1181:
1180:
1171:
1159:
1152:
1140:
1133:
1118:
1104:
1102:
1101:
1092:
1076:
1062:
1060:
1059:
1050:
1036:
1021:
1020:
1004:
1002:
1001:
994:7 December 2007
992:
977:
963:
961:
960:
951:
939:
932:
917:
903:
901:
900:
893:16 January 2000
891:
890:1 January 1999 –
869:
854:
853:
845:Lithuanian litas
779:
777:
776:
739:
737:
736:
698:
697:
670:Hungarian forint
564:Lithuanian litas
491:general election
359:
346:functioned as a
200:
191:
182:
176:
163:
154:
145:
143:
136:
134:
127:
125:
118:
116:
109:
107:
100:
98:
90:
83:
76:
69:
62:
55:
48:
41:
36:
3426:
3425:
3421:
3420:
3419:
3417:
3416:
3415:
3401:
3400:
3399:
3394:
3346:
3325:
3311:Slovenian tolar
3194:
3183:
3181:
3174:
3160:Black Wednesday
3130:
3126:
3119:
3115:
3108:
3104:
3068:
3032:
3014:
3006:
2997:
2981:
2978:
2970:
2929:
2928:other countries
2927:
2920:
2894:
2891:
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2877:
2844:
2720:
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2582:
2549:
2523:Euro calculator
2496:
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2210:
2200:
2198:
2185:
2184:
2180:
2170:
2168:
2163:
2162:
2158:
2148:
2146:
2141:
2140:
2125:
2115:
2113:
2108:
2107:
2103:
2093:
2091:
2086:
2085:
2081:
2071:
2069:
2064:
2063:
2059:
2050:
2049:
2045:
2035:
2033:
2031:Mises Institute
2023:
2019:
2009:
2007:
1998:
1997:
1993:
1983:
1981:
1973:
1972:
1968:
1958:
1956:
1947:
1946:
1939:
1928:
1924:
1913:
1909:
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1891:
1887:
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1485:
1484:
1477:
1454:
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1439:
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1427:
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1410:
1409:
1405:
1395:
1393:
1380:
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1353:
1319:
1317:
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1310:
1294:
1277:
1275:
1271:
1268:
1243:
1241:
1224:
1222:
1218:
1215:
1195:
1178:
1176:
1172:
1169:
1157:
1153:
1150:
1138:
1134:
1132:17 March 2007 –
1131:
1116:
1099:
1097:
1093:
1090:
1074:
1057:
1055:
1051:
1048:
1037:
1034:
1018:
1016:
999:
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993:
990:
975:
958:
956:
952:
949:
937:
933:
930:
915:
898:
896:
892:
889:
867:
821:Slovenian tolar
813:
774:
772:
734:
732:
729:1 January 1999
701:Date of entry
693:
642:
568:Slovenian tolar
545:
511:
499:
460:Black Wednesday
448:
446:Black Wednesday
442:
431:'s parity with
425:
394:
357:
355:
324:
318:
310:Black Wednesday
264:
224:single currency
208:
207:
206:
205:
198:
196:
189:
187:
180:
178:
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172:
161:
159:
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50:
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24:
17:
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11:
5:
3424:
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3355:
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3351:
3348:
3347:
3345:
3344:
3339:
3333:
3331:
3327:
3326:
3324:
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3318:
3316:Spanish peseta
3313:
3308:
3303:
3298:
3293:
3288:
3283:
3278:
3273:
3268:
3263:
3258:
3253:
3248:
3243:
3241:Finnish markka
3238:
3236:Estonian kroon
3233:
3228:
3223:
3218:
3213:
3208:
3202:
3200:
3196:
3195:
3193:
3192:
3190:United Kingdom
3186:
3184:
3179:
3176:
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3173:
3172:
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3157:
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3147:
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3097:
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3056:
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3038:
3034:
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3025:
3019:
3017:
3007:
3002:
2999:
2998:
2996:
2995:
2990:
2984:
2982:
2975:
2972:
2971:
2969:
2968:
2963:
2958:
2953:
2948:
2943:
2941:Czech Republic
2938:
2932:
2930:
2925:
2922:
2921:
2919:
2918:
2913:
2908:
2903:
2897:
2895:
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2817:
2812:
2807:
2802:
2797:
2792:
2787:
2782:
2777:
2772:
2767:
2762:
2757:
2752:
2747:
2741:
2739:
2730:
2726:
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2722:
2721:
2719:
2718:
2713:
2708:
2703:
2698:
2693:
2688:
2682:
2680:
2674:
2673:
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2670:
2665:
2660:
2655:
2650:
2645:
2640:
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2630:
2625:
2620:
2615:
2610:
2605:
2599:
2597:
2588:
2584:
2583:
2581:
2580:
2578:World currency
2575:
2570:
2565:
2559:
2557:
2551:
2550:
2548:
2547:
2542:
2541:
2540:
2530:
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2520:
2515:
2510:
2504:
2502:
2498:
2497:
2495:
2494:
2489:
2484:
2482:Euro Plus Pact
2479:
2474:
2468:
2466:
2462:
2461:
2459:
2458:
2453:
2448:
2443:
2438:
2433:
2428:
2422:
2420:
2419:Administration
2416:
2415:
2413:
2412:
2405:
2400:
2395:
2390:
2385:
2380:
2374:
2372:
2368:
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2359:
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2351:
2344:
2336:
2330:
2329:
2324:
2319:
2312:
2311:External links
2309:
2306:
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2283:
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2235:
2208:
2178:
2156:
2123:
2101:
2079:
2057:
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2017:
1991:
1966:
1937:
1922:
1907:
1885:
1860:
1833:
1808:
1801:
1781:
1760:
1740:
1722:
1703:
1697:978-0071608459
1696:
1676:
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1642:
1622:
1595:
1568:
1535:
1511:
1475:
1470:10.3386/w29488
1448:
1433:
1421:
1403:
1386:lexicon.ft.com
1372:
1371:
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1359:
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1349:
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1343:
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1337:
1334:
1328:
1315:
1311:10 July 2020 –
1307:
1306:
1303:
1300:
1297:
1292:
1286:
1273:
1269:28 June 2004 –
1265:
1264:
1253:
1250:
1247:
1239:
1233:
1220:
1212:
1211:
1204:
1201:
1198:
1193:
1187:
1174:
1170:28 June 2004 –
1166:
1165:
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1155:
1147:
1146:
1144:
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1128:
1127:
1125:
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1095:
1094:16 March 2007
1087:
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1022:
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1008:
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987:
986:
984:
981:
978:
973:
967:
954:
950:28 June 2004 –
946:
945:
943:
940:
935:
927:
926:
924:
921:
918:
913:
907:
894:
886:
885:
882:
878:
877:
874:
871:
864:
861:
858:
829:Estonian kroon
812:
809:
806:
805:
798:
795:
792:
789:
783:
770:
766:
765:
758:
755:
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730:
726:
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718:
717:
714:
711:
708:
705:
702:
692:
689:
658:European Union
641:
640:Current status
638:
560:Estonian kroon
544:
543:New EU members
541:
510:
507:
498:
495:
485:government of
444:Main article:
441:
438:
424:
421:
381:Finnish markka
373:Spanish peseta
353:
352:
317:
314:
295:United Kingdom
289:Pound sterling
281:Spanish peseta
263:
260:
197:
188:
179:
173:
160:
151:
150:
138:
129:
120:
111:
102:
93:
86:
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30:
29:
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15:
9:
6:
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2:
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3335:
3334:
3332:
3328:
3322:
3319:
3317:
3314:
3312:
3309:
3307:
3306:Slovak koruna
3304:
3302:
3299:
3297:
3294:
3292:
3289:
3287:
3284:
3282:
3279:
3277:
3274:
3272:
3269:
3267:
3264:
3262:
3259:
3257:
3256:Greek drachma
3254:
3252:
3249:
3247:
3244:
3242:
3239:
3237:
3234:
3232:
3231:Dutch guilder
3229:
3227:
3226:Cypriot pound
3224:
3222:
3221:Croatian kuna
3219:
3217:
3216:Belgian franc
3214:
3212:
3209:
3207:
3204:
3203:
3201:
3197:
3191:
3188:
3187:
3185:
3177:
3171:
3168:
3166:
3163:
3161:
3158:
3156:
3153:
3151:
3148:
3146:
3143:
3141:
3138:
3133:
3125:
3122:
3114:
3111:
3103:
3102:
3101:
3098:
3095:
3091:
3090:
3088:
3084:
3081:
3079:
3075:
3065:
3064:Swedish krona
3062:
3060:
3057:
3055:
3052:
3050:
3047:
3045:
3042:
3041:
3039:
3035:
3029:
3026:
3024:
3023:Bulgarian lev
3021:
3020:
3018:
3011:
3008:
3005:
3000:
2994:
2991:
2989:
2986:
2985:
2983:
2980:
2973:
2967:
2964:
2962:
2959:
2957:
2954:
2952:
2949:
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2899:
2898:
2896:
2893:
2884:
2874:
2871:
2869:
2866:
2864:
2861:
2859:
2856:
2855:
2853:
2851:
2847:
2841:
2838:
2836:
2833:
2831:
2828:
2826:
2823:
2821:
2818:
2816:
2813:
2811:
2808:
2806:
2803:
2801:
2798:
2796:
2793:
2791:
2788:
2786:
2783:
2781:
2778:
2776:
2773:
2771:
2768:
2766:
2763:
2761:
2758:
2756:
2753:
2751:
2748:
2746:
2743:
2742:
2740:
2738:
2734:
2731:
2727:
2717:
2714:
2712:
2709:
2707:
2704:
2702:
2699:
2697:
2694:
2692:
2689:
2687:
2684:
2683:
2681:
2679:
2675:
2669:
2666:
2664:
2661:
2659:
2656:
2654:
2651:
2649:
2646:
2644:
2641:
2639:
2636:
2634:
2631:
2629:
2626:
2624:
2621:
2619:
2616:
2614:
2611:
2609:
2606:
2604:
2601:
2600:
2598:
2596:
2592:
2589:
2587:Denominations
2585:
2579:
2576:
2574:
2571:
2569:
2566:
2564:
2561:
2560:
2558:
2556:
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2475:
2473:
2470:
2469:
2467:
2463:
2457:
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2452:
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2447:
2444:
2442:
2439:
2437:
2434:
2432:
2431:ECB president
2429:
2427:
2424:
2423:
2421:
2417:
2411:
2410:
2409:Euro-Skulptur
2406:
2404:
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2328:
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2323:
2320:
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2293:
2287:
2271:
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2250:
2246:
2239:
2223:
2219:
2212:
2196:
2192:
2188:
2182:
2166:
2160:
2144:
2138:
2136:
2134:
2132:
2130:
2128:
2111:
2105:
2089:
2083:
2067:
2061:
2053:
2047:
2032:
2028:
2021:
2006:. 22 May 2002
2005:
2001:
1995:
1980:
1976:
1970:
1954:
1950:
1944:
1942:
1933:
1926:
1918:
1911:
1895:
1889:
1874:
1870:
1864:
1848:
1842:
1840:
1838:
1822:
1818:
1812:
1804:
1802:9781317040651
1798:
1795:. Routledge.
1794:
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1726:
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1471:
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1301:
1298:
1293:
1290:
1287:
1285:
1274:
1267:
1266:
1262:
1258:
1255:Latvia had a
1254:
1251:
1248:
1240:
1237:
1234:
1232:
1221:
1214:
1213:
1209:
1205:
1202:
1199:
1194:
1191:
1188:
1186:
1175:
1168:
1167:
1164:
1161:
1156:
1151:28 May 2008 –
1149:
1148:
1145:
1142:
1137:
1130:
1129:
1126:
1123:
1115:
1112:
1107:
1089:
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1007:
989:
988:
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968:
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955:
948:
947:
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929:
928:
925:
922:
914:
911:
906:
888:
887:
883:
880:
879:
855:
852:
850:
849:Croatian kuna
846:
842:
838:
837:Slovak koruna
834:
830:
826:
825:Cypriot pound
822:
818:
817:Greek drachma
803:
799:
796:
793:
790:
787:
784:
782:
771:
769:10 July 2020
768:
767:
763:
759:
756:
753:
750:
747:
744:
742:
731:
728:
727:
723:
720:
719:
699:
696:
688:
686:
682:
677:
675:
671:
667:
663:
659:
655:
654:Swedish krona
651:
650:Bulgarian lev
647:
637:
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631:
627:
623:
619:
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611:
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598:
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595:Croatian kuna
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591:Bulgarian lev
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585:
584:Slovak koruna
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572:Cypriot pound
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467:Norman Tebbit
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3382:
3370:
3365:Money portal
3358:
3321:Vatican lira
3286:Maltese lira
3271:Latvian lats
3266:Italian lira
3246:French franc
3120:
3059:Romanian leu
3054:Polish złoty
3044:Czech koruna
3028:Danish krone
2873:Vatican City
2658:Starter kits
2407:
2296:. Retrieved
2286:
2274:. Retrieved
2264:
2252:. Retrieved
2238:
2226:. Retrieved
2222:the original
2211:
2199:. Retrieved
2195:the original
2181:
2169:. Retrieved
2159:
2147:. Retrieved
2114:. Retrieved
2104:
2092:. Retrieved
2082:
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2060:
2046:
2034:. Retrieved
2030:
2020:
2008:. Retrieved
2003:
1994:
1982:. Retrieved
1978:
1969:
1957:. Retrieved
1952:
1925:
1910:
1898:. Retrieved
1888:
1876:. Retrieved
1873:ec.europa.eu
1872:
1863:
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1811:
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1772:. Retrieved
1763:
1753:
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1609:The Guardian
1608:
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1554:
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1502:. Retrieved
1491:The Guardian
1490:
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1451:
1442:
1436:
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1406:
1394:. Retrieved
1390:the original
1385:
1376:
1216:2 May 2005 –
1135:27 May 2008
1049:2 May 2005 –
991:2 May 2005 –
841:Latvian lats
833:Maltese lira
814:
694:
678:
674:Romanian leu
666:Czech koruna
662:Polish złoty
646:Danish krone
643:
599:
588:
580:Maltese lira
576:Latvian lats
557:
546:
534:
526:Danish krone
519:
512:
503:French franc
500:
483:Conservative
479:
475:George Soros
464:
449:
426:
410:
395:
369:Italian lira
363:
360:
358:
347:
334:, since the
325:
301:Denis Healey
293:
277:Italian lira
273:
265:
252:Danish krone
244:
215:
211:
209:
124:Vatican City
25:
3261:Irish pound
3251:German Mark
3155:Enlargement
2820:Netherlands
2456:Euro summit
2036:31 December
2010:14 December
1959:31 December
1878:31 December
1615:30 December
1588:30 December
1528:31 December
1504:31 December
1396:31 December
456:speculators
429:Irish pound
216:ERM II
3170:Withdrawal
2993:Montenegro
2868:San Marino
2810:Luxembourg
2716:500 €
2711:200 €
2706:100 €
2441:Eurosystem
1670:1860744958
1643:0786303611
668:, and the
487:John Major
332:EU members
306:John Major
166:EU members
115:San Marino
61:Czech Rep.
2805:Lithuania
2701:50 €
2696:20 €
2691:10 €
2678:Banknotes
2668:Euro mint
2573:Petroeuro
2451:Eurogroup
2393:Euro sign
2249:Bloomberg
1826:16 August
1582:The Times
1499:0261-3077
1368:Citations
1284:Lithuania
942:Unknown
923:Unknown
863:Currency
707:Currency
630:Lithuania
473:investor
3411:Eurozone
3405:Category
3182:and euro
2936:Bulgaria
2835:Slovenia
2830:Slovakia
2825:Portugal
2737:Eurozone
2686:5 €
2638:2 €
2633:1 €
2487:Six pack
2403:Language
2398:Eurozone
2298:26 April
2276:26 April
2254:17 March
2228:17 March
2201:17 March
2171:26 April
2149:26 April
2145:. Ecb.eu
2116:26 April
2094:26 April
2072:26 April
2004:BBC News
1953:POLITICO
1900:26 April
1774:25 April
1735:BBC News
1717:BBC News
1351:See also
1336:7.53450
1106:Slovakia
965:Slovenia
881:Nominal
860:Country
791:1.95583
781:Bulgaria
751:7.46038
721:Nominal
704:Country
648:and the
618:Slovakia
606:Slovenia
602:eurozone
578:and the
537:eurozone
515:eurozone
452:sterling
433:sterling
398:eurozone
389:Sterling
361:Sources:
348:de facto
254:and the
247:eurozone
157:Eurozone
47:Bulgaria
40:EUROZONE
3086:General
3078:History
2961:Romania
2951:Hungary
2946:Denmark
2858:Andorra
2790:Ireland
2780:Germany
2770:Finland
2765:Estonia
2755:Croatia
2750:Belgium
2745:Austria
2501:Economy
2371:General
1984:13 July
1853:12 July
1561:13 July
1326:Croatia
1196:15.6466
1185:Estonia
1139:35.4424
916:353.109
910:Drachma
884:Actual
857:Period
757:<1%
741:Denmark
724:Actual
679:Sweden
634:Croatia
622:Estonia
489:at the
170:opt-out
97:Andorra
82:Romania
68:Hungary
54:Denmark
3129:
3118:
3107:
2988:Kosovo
2966:Sweden
2956:Poland
2863:Monaco
2800:Latvia
2785:Greece
2775:France
2760:Cyprus
2446:Ecofin
2365:topics
1799:
1694:
1667:
1640:
1497:
1333:(kn.)
1323:
1295:3.4528
1291:(Lt.)
1281:
1238:(Ls.)
1231:Latvia
1228:
1208:D–Mark
1192:(kr.)
1182:
1158:30.126
1117:38.455
1113:(Sk.)
1111:Koruna
1103:
1075:0.4293
1061:
1006:Cyprus
1003:
983:0.16%
976:239.64
962:
938:340.75
905:Greece
902:
876:Notes
847:, and
788:(лв.)
778:
754:2.25%
748:(kr.)
738:
716:Notes
664:, the
626:Latvia
610:Cyprus
574:, the
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2840:Spain
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2795:Italy
2595:Coins
2518:Eonia
1551:(PDF)
1289:Litas
1242:0.702
1190:Kroon
1162:1.9%
1071:(Lm)
1064:Malta
1027:2.1%
1017:0.585
1013:(£C)
1011:Pound
970:Tolar
873:Band
746:Krone
713:Band
710:€1 =
614:Malta
522:Greek
142:Mont.
3013:ERM
2363:Euro
2300:2011
2278:2011
2256:2007
2230:2007
2203:2007
2173:2011
2151:2011
2118:2011
2096:2011
2074:2011
2038:2016
2012:2011
1986:2022
1961:2016
1902:2011
1880:2016
1855:2020
1828:2023
1797:ISBN
1776:2010
1692:ISBN
1665:ISBN
1638:ISBN
1617:2008
1611:. UK
1590:2008
1584:. UK
1563:2020
1557:. IE
1530:2016
1506:2016
1495:ISSN
1398:2016
1339:15%
1331:Kuna
1299:15%
1249:15%
1236:Lats
1200:15%
1143:12%
1124:12%
1121:15%
1079:15%
1069:Lira
1024:15%
980:15%
972:(T)
920:15%
912:(₯)
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