Today the Governing Council of the European Central Bank (ECB) has published a policy position on exchange rate issues relating to the acceding countries that will join the European Union in May 2004.
The ten new Member States will all join the European Union as Member States with a derogation in the field of European Economic and Monetary Union (EMU). This means that, while not yet adopting the euro, they will be committed to striving towards the eventual adoption of the euro upon fulfilment of the convergence criteria laid down in the Treaty establishing the European Community. The Treaty foresees that at some point following accession, new Member States will join the Exchange Rate Mechanism II (ERM II).
The policy position published today is aimed at helping to guide the process of monetary integration of the prospective new Member States and is available in all the current and prospective official Community languages on the ECB’s website (www.ecb.europa.eu).
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