Cyprus, Latvia and Malta, three states which joined the European Union in May 2004, exactly one year ago, today became members of the Exchange Rate Mechanism II (ERM II), which pegs their currencies to the euro within a 15\% margin above or below a central rate. While they are in ERM II, their currencies must not fluctuate to an extent that exceeds this 15\% margin, and they must also keep inflation and budget deficits in check. For countries to adopt the euro, they must stay in the ERM II for at least two years. Therefore, the earliest date that Cyprus, Latvia and Malta can adopt the common currency is in May 2007. Category:Cyprus Category:Latvia Category:Malta Category:Europe Category:Economy and business Category:Published Category:European Union Category:Asia Category:Mediterranean 
Cyprus, Latvia and Malta, three states which joined the European Union in May 2004, exactly one year ago, today became members of the (ERM II), which pegs their currencies to the within a 15\% margin above or below a central rate. While they are in ERM II, their currencies must not fluctuate to an extent that exceeds this 15\% margin, and they must also keep inflation and budget deficits in check. For countries to adopt the euro, they must stay in the ERM II for at least two years. Therefore, the earliest date that Cyprus, Latvia and Malta can adopt the common currency is in May 2007. Category:Cyprus Category:Latvia Category:Malta Category:Europe Category:Economy and business Category:Published Category:European Union Category:Asia Category:Mediterranean Sea Category:
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Exchange Rate Mechanism II
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euro
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Sea Category: