AGREEMENT

of 12 December 2022

between the European Central Bank and the national central banks of the Member States outside the euro area amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of Economic and Monetary Union

(2023/C 12/02)

1. Българска народна банка (Bulgarian National Bank) 1, Knyaz Alexander I Sq. 1000 София/Sofia БЪЛГАРИЯ/BULGARIA Česká národní banka Na Příkopě 28 115 03 Praha 1 ČESKÁ REPUBLIKA Danmarks Nationalbank Havnegade 5 1093 København K DANMARK Hrvatska narodna banka Trg hrvatskih velikana 3 HR-10002 Zagreb HRVATSKA Magyar Nemzeti Bank Budapest Krisztina körút 55. 1013 MAGYARORSZÁG/HUNGARY Narodowy Bank Polski ul. Świętokrzyska 11/21 00-919 Warszawa POLSKA/POLAND Banca Naţională a României Strada Lipscani nr. 25, sector 3 030031 București ROMÂNIA Sveriges Riksbank Brunkebergstorg 11 SE-103 37 Stockholm SVERIGE and

2. European Central Bank (ECB) (hereinafter the ‘Parties’)

Whereas:

(1) The European Council in its Resolution of 16 June 1997 (hereinafter the ‘Resolution’) agreed to set up an exchange rate mechanism (hereinafter ‘ERM II’) when the third stage of Economic and Monetary Union began on 1 January 1999.

(2) Under the terms of the Resolution, ERM II is designed to help ensure that non-euro area Member States participating in ERM II orient their policies to stability, foster convergence and thereby help the non-euro area Member States in their efforts to adopt the euro.

(3) Croatia, as a Member State with a derogation, has participated in ERM II since 2020. Hrvatska narodna banka is a party to the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of Economic and Monetary Union (1), as amended by the Agreement of 21 December 2006 (2), by the Agreement of 14 December 2007 (3), by the Agreement of 8 December 2008 (4), by the Agreement of 13 December 2010 (5), by the Agreement of 21 June 2013, (6) by the Agreement of 6 December 2013 (7), by the Agreement of 13 November 2014 (8) and by the Agreement of 22 January 2020 (9) (hereinafter the ‘ERM II Central Bank Agreement’).

(4) Pursuant to Article 1 of Council Decision (EU) 2022/1211 of 12 July 2022 on the adoption by Croatia of the euro on 1 January 2023 (10) the derogation in favour of Croatia referred to in Article 5 of the 2012 Act of Accession (11) is abrogated with effect from 1 January 2023. The euro will be Croatia’s currency from 1 January 2023 and Hrvatska narodna banka should no longer be party to the ERM II Central Bank Agreement from that date.

(5) It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogation in favour of Croatia,

HAVE AGREED AS FOLLOWS:

Article 1 Amendment to the ERM II Central Bank Agreement in view of the abrogation of Croatia’s derogation Hrvatska narodna banka shall no longer be party to the ERM II Central Bank Agreement from 1 January 2023.

Article 2 Replacement of Annex II to the ERM II Central Bank Agreement Annex II to the ERM II Central Bank Agreement is replaced by the text set out in the Annex to this Agreement.

Article 3 Final provisions 1. This Agreement amends the ERM II Central Bank Agreement with effect from 1 January 2023. 2. This Agreement shall be drawn up in English and duly signed by the Parties’ authorised representatives. The ECB, which shall retain the original Agreement, shall send a certified copy of the original Agreement to each euro area and non-euro area national central bank. The Agreement shall be published in the Official Journal of the European Union.

Done at Frankfurt am Main, 12 December 2022. For Българска народна банка (Bulgarian National Bank) … For Česká národní banka … For Danmarks Nationalbank … For Hrvatska narodna banka … For the Magyar Nemzeti Bank … For Narodowy Bank Polski … For Banca Naţională a României … For Sveriges Riksbank … For the European Central Bank …

(1) OJ C 73, 25.3.2006, p. 21.

(2) OJ C 14, 20.1.2007, p. 6.

(3) OJ C 319, 29.12.2007, p. 7.

(4) OJ C 16, 22.1.2009, p. 10.

(5) OJ C 5, 8.1.2011, p. 3.

(6) OJ C 187, 29.6.2013, p. 1.

(7) OJ C 17, 21.1.2014, p. 1.

(8) OJ C 64, 21.2.2015, p. 1.

(9) OJ C 32 I, 1.2.2020, p. 1.

(10) OJ L 187, 14.7.2022, p. 31.

(11) OJ L 112, 24.4.2012, p. 21.