European Exchange Rate Mechanism

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*

## Other websites
*The ERM on the UK Parliament website