Agreement of 16 December 2025 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
Date: 2025-12-16
Institutions: European Central Bank, National banks outside the Eurosystem: Česká národní banka, Danmarks Nationalbank, Hrvatska narodna banka, Magyar Nemzeti Bank, Narodowy Bank Polski, Banca Națională a României, Sveriges Riksbank
Subjects: Bulgaria, European Central Bank, agreement (EU), central bank, exchange rate, non-participating country (euro area), revision of an agreement, third stage of EMU




C_202600496EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/496


22.1.2026







            AGREEMENT
         
of 16 December 2025
         
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
(C/2026/496)



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










Magyar Nemzeti Bank





Budapest




Szabadság tér 8/9




1054




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.



the 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)


Bulgaria, as a Member State with a derogation, has participated in ERM II since 2020. Българска народна банка (Bulgarian National Bank) 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), by the Agreement of 22 January 2020 (9) and by the Agreement of 12 December 2022 (10) (hereinafter the ‘ERM II Central Bank Agreement’).












(4)


Pursuant to Article 1 of Council Decision (EU) 2025/1407 of 8 July 2025 on the adoption by Bulgaria of the euro on 1 January 2026 (11) the derogation in favour of Bulgaria referred to in Article 5 of the 2005 Act of Accession (12) is abrogated with effect from 1 January 2026. The euro will be Bulgaria's currency from 1 January 2026 and Българска народна банка (Bulgarian National Bank) 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 Bulgaria,





HAVE AGREED AS FOLLOWS:



Article 1

Amendment to the ERM II Central Bank Agreement in view of the abrogation of Bulgaria’s derogation

Българска народна банка (Bulgarian National Bank) shall no longer be party to the ERM II Central Bank Agreement from 1 January 2026.


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 2026.


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, 16 December 2025.


For



Българска народна банка (Bulgarian National Bank)


…



For



Česká národní banka


…



For



Danmarks Nationalbank


…



For



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 C 12, 13.1.2023, p. 3.

(11)  
            OJ L, 2025/1407, 14.7.2025, ELI: http://data.europa.eu/eli/dec/2025/1407/oj.

(12)  
            OJ L 157, 21.6.2005, p. 203.




ANNEX


ANNEX II
CEILINGS ON ACCESS TO THE VERY SHORT-TERM FINANCING FACILITY REFERRED TO IN ARTICLES 8, 10 AND 11 OF THE ERM II CENTRAL BANK AGREEMENT
with effect from 1 January 2026
                  






(EUR million)




Central banks party to this Agreement


Ceilings (1)





Česká národní banka


1 450 




Danmarks Nationalbank


1 330 




Magyar Nemzeti Bank


1 210 




Narodowy Bank Polski


3 960 




Banca Naţională a României


2 010 




Sveriges Riksbank


2 040 




European Central Bank


nil













Euro area national central banks


Ceilings




Nationale Bank van België/Banque Nationale de Belgique


nil




Българска народна банка (Bulgarian National Bank)


nil




Deutsche Bundesbank


nil




Eesti Pank


nil




Central Bank of Ireland


nil




Bank of Greece


nil




Banco de España


nil




Banque de France


nil




Banca d’Italia


nil




Central Bank of Cyprus


nil




Hrvatska narodna banka


nil




Latvijas Banka


nil




Lietuvos bankas


nil




Banque centrale du Luxembourg


nil




Central Bank of Malta


nil




De Nederlandsche Bank


nil




Oesterreichische Nationalbank


nil




Banco de Portugal


nil




Banka Slovenije


nil




Národná banka Slovenska


nil




Suomen Pankki


nil








(1)  The amounts indicated are notional for central banks which do not participate in ERM II.



ELI: http://data.europa.eu/eli/C/2026/496/oj
ISSN 1977-091X (electronic edition)