Definīcija:The Exchange Rate Mechanism II (ERM II) was introduced at the start of Stage Three of EMU, on 1 January 1999. This mechanism links the currencies of non-euro area Member States to the euro. By helping to ensure that the non-euro area Member States participating in the mechanism orient their policies towards stability, ERM II fosters convergence and thereby helps them in their efforts to adopt the euro. Participation in the exchange rate mechanism is voluntary for all non-euro area Member States. However, as ERM II membership is one of the convergence criteria for the eventual adoption of the euro, new Member States are expected to join the mechanism at some stage. The operating procedures for ERM II have been laid down in an agreement between the European Central Bank (ECB) and the non-euro area national central banks (NCBs).
