Title: European Exchange Rate Mechanism Content: 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== DateFormat = dd/mm/yyyy ImageSize = width:900 height:auto barincrement:25 PlotArea = left:80 right:40 bottom:30 top:50 TextData = pos:(250,750) fontsize:XL textcolor:black text:"Exchange-rate regimes for EU members" Colors = id:eu value:rgb(1,0.65,0) legend:EU_members_outside_ERM_with_a_floating_currency_(free_float_or_crawling_peg) id:eupeg value:rgb(0,0.5,0) legend:EU_members_outside_ERM_with_a_currency_pegged_to_D-Mark/ECU/euro id:erm value:rgb(0.64,0.76,0.85) legend:EU_members_with_currency_pegged_to_the_ECU/euro_via_the_ERM id:euroland value:rgb(0.2,0.4,1) legend:EU_members_with_the_euro_as_their_currency id:line value:gray(0.8) Period = from:01/01/1979 till:31/12/2020 TimeAxis = orientation:horizontal format:yyyy ScaleMajor = unit:year increment:2 start:1979 gridcolor:line AlignBars = justify Legend = left:95 top:100 BarData = bar:Belgium bar:France bar:Germany bar:Ireland bar:Italy bar:Luxembourg bar:Netherlands bar:Denmark bar:United_Kingdom bar:Greece bar:Spain bar:Portugal bar:Austria bar:Finland bar:Sweden bar:Slovenia bar:Cyprus bar:Malta bar:Slovakia bar:Estonia bar:Latvia bar:Lithuania bar:Hungary bar:Poland bar:Czech_Republic bar:Bulgaria bar:Romania bar:Croatia PlotData = width:18 fontsize:S textcolor:black anchor:from align:right bar:Belgium color:erm from:13/03/1979 till:31/12/1998 shift:(-3,-5) text:Belgium color:euroland from:01/01/1999 till:31/12/2020 bar:France color:erm from:13/03/1979 till:31/12/1998 shift:(-3,-5) text:France color:euroland from:01/01/1999 till:31/12/2020 bar:Germany color:erm from:13/03/1979 till:31/12/1998 shift:(-3,-5) text:Germany color:euroland from:01/01/1999 till:31/12/2020 bar:Ireland color:erm from:13/03/1979 till:31/12/1998 shift:(-3,-5) text:Ireland color:euroland from:01/01/1999 till:31/12/2020 bar:Italy color:erm from:13/03/1979 till:16/09/1992 shift:(-3,-5) text:Italy color:eu from:17/09/1992 till:24/11/1996 color:erm from:25/11/1996 till:31/12/1998 color:euroland from:01/01/1999 till:31/12/2020 bar:Luxembourg color:erm from:13/03/1979 till:31/12/1998 shift:(-3,-5) text:Luxembourg color:euroland from:01/01/1999 till:31/12/2020 bar:Netherlands color:erm from:13/03/1979 till:31/12/1998 shift:(-3,-5) text:Netherlands color:euroland from:01/01/1999 till:31/12/2020 bar:Denmark color:erm from:13/03/1979 till:31/12/2020 shift:(-3,-5) text:Denmark bar:United_Kingdom color:eu from:13/03/1979 till:28/02/1987 shift:(-3,-5) text:United_Kingdom color:eupeg from:01/03/1987 till:09/03/1988 color:eu from:10/03/1988 till:07/10/1990 color:erm from:08/10/1990 till:15/09/1992 color:eu from:16/09/1992 till:31/01/2019 bar:Greece color:eu from:01/01/1981 till:31/12/1995 shift:(-3,-5) text:Greece color:eupeg from:01/01/1996 till:13/03/1998 color:erm from:14/03/1998 till:31/12/2000 color:euroland from:01/01/2001 till:31/12/2020 bar:Spain color:eupeg from:01/01/1986 till:18/06/1989 shift:(-3,-5) text:Spain color:erm from:19/06/1989 till:31/12/1998 color:euroland from:01/01/1999 till:31/12/2020 bar:Portugal color:eu from:01/01/1986 till:30/09/1990 shift:(-3,-5) text:Portugal color:eupeg from:01/10/1990 till:05/04/1992 color:erm from:06/04/1992 till:31/12/1998 color:euroland from:01/01/1999 till:31/12/2020 bar:Austria color:eupeg from:01/01/1995 till:08/01/1995 shift:(-3,-5) text:Austria color:erm from:09/01/1995 till:31/12/1998 color:euroland from:01/01/1999 till:31/12/2020 bar:Finland color:eu from:01/01/1995 till:13/10/1996 shift:(-3,-5) text:Finland color:erm from:14/10/1996 till:31/12/1998 color:euroland from:01/01/1999 till:31/12/2020 bar:Sweden color:eu from:01/01/1995 till:31/12/2020 shift:(-3,-5) text:Sweden bar:Slovenia color:eu from:01/05/2004 till:27/06/2004 shift:(-3,-5) text:Slovenia color:erm from:28/06/2004 till:31/12/2006 color:euroland from:01/01/2007 till:31/12/2020 bar:Cyprus color:eupeg from:01/05/2004 till:01/05/2005 shift:(-3,-5) text:Cyprus color:erm from:02/05/2005 till:31/12/2007 color:euroland from:01/01/2008 till:31/12/2020 bar:Malta color:eupeg from:01/05/2004 till:01/05/2005 shift:(-3,-5) text:Malta color:erm from:02/05/2005 till:31/12/2007 color:euroland from:01/01/2008 till:31/12/2020 bar:Slovakia color:eu from:01/05/2004 till:27/11/2005 shift:(-3,-5) text:Slovakia color:erm from:28/11/2005 till:31/12/2008 color:euroland from:01/01/2009 till:31/12/2020 bar:Estonia color:eupeg from:01/05/2004 till:27/06/2004 shift:(-3,-5) text:Estonia color:erm from:28/06/2004 till:31/12/2010 color:euroland from:01/01/2011 till:31/12/2020 bar:Latvia color:eu from:01/05/2004 till:31/12/2004 shift:(-3,-5) text:Latvia color:eupeg from:01/01/2005 till:01/05/2005 color:erm from:02/05/2005 till:31/12/2013 color:euroland from:01/01/2014 till:31/12/2020 bar:Lithuania color:eupeg from:01/05/2004 till:27/06/2004 shift:(-3,-5) text:Lithuania color:erm from:28/06/2004 till:31/12/2014 color:euroland from:01/01/2015 till:31/12/2020 bar:Hungary color:eupeg from:01/05/2004 till:25/02/2008 shift:(-3,-5) text:Hungary color:eu from:26/02/2008 till:31/12/2020 bar:Poland color:eu from:01/05/2004 till:31/12/2020 shift:(-3,-5) text:Poland bar:Czech_Republic color:eu from:01/05/2004 till:31/12/2020 shift:(-3,-5) text:Czech_Republic bar:Bulgaria color:eupeg from:01/01/2007 till:31/12/2020 shift:(-3,-5) text:Bulgaria color:erm from:10/07/2020 till:31/12/2020 bar:Romania color:eu from:01/01/2007 till:31/12/2020 shift:(-3,-5) text:Romania bar:Croatia color:eu from:01/07/2013 till:31/12/2020 shift:(-3,-5) text:Croatia color:erm from:10/07/2020 till:31/12/2020 Sources: EC convergence reports 1996-2014, Italian lira , Spanish peseta, Portuguese escudo, Finish markka , Greek drachma, UK pound