Bulgaria and Croatia are joining the European monetary Union is a decisive step closer. From the Euro area member States and of the European Central Bank (ECB), the existing competent bodies have decided, on Friday evening, the two States with immediate effect in the so-called exchange rate mechanism (ERM) II.
this is The exchange rate agreements of one country with the monetary Union, is set in a range of fluctuation of the local currency to the Euro by more than 15 percent. A minimum of two years membership in ERM II is one of the prerequisites that a country can join the Euro.
Therefore, the exchange rate mechanism is regarded as a "forecourt" to the Euro. Since the accession, on 1. January and 1. July is, could be the common currency in the two countries at the earliest at the beginning of 2023. The extension on the then 21 States would be the first since 2015. At that time Lithuania as of 19. The country acceded to.Updated Date: 10 July 2020, 22:19