The European Exchange Rate Mechanism 2 (ERM 2 or ERM II), formerly ERM, is a system created by the European Economic Community on 1 January 1999.
After the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro (having the common currency as a central point). The goal was to improve the stability of those currencies. As of 2020, three currencies participate in ERM II: the Danish krone, the Croatian kuna and the Bulgarian lev.
Exchange rate by countries[change | change source]
Sources: EC convergence reports 1996-2014, Italian lira Archived 2011-08-12 at the Wayback Machine, Spanish peseta, Portuguese escudo, Finish markka Archived 2013-05-14 at the Wayback Machine, Greek drachma, UK pound