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ERM IINew Exchange-Rate Mechanism
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The criteria include the ERM II requirement and reference rates for inflation, budget deficits, debt to GDP ratios and long-term interest rates.
The initial goal of the Government was to submit its application documents for membership in the ERM II in November 2009.
Finally, the Dutch experience does not necessarily imply that accession countries should adopt explicit target zones, join ERM II quickly, or participate in ERM II for a long time.
Finally, the exit strategy from the ERM II needs to be set out to ensure a smooth transition to the single currency.
The acceding countries should therefore give careful consideration to the timing of their ERM II participation.
As a tentative policy conclusion it emerges that the NMSs should only join the exchange rate mechanism II (ERM II) once a credible (Maastricht) convergence process is on track and the presumed euro adoption date is credible.
In the "Joint Program of the Slovenian Government and the Bank of Slovenia for the ERM II Entry and the Euro Adoption" (henceforth Joint Program) are presented and motivated the key elements for the euro adoption strategy.
According to S & P, the progress of the Action Plan for Accession to ERM II is estimated to be significant, with most of the commitments being undertaken or being implemented.
This revaluation, justified on the basis of "ongoing improvements in Slovakia's economic fundamentals," concerned the currency's reference rate in the European Exchange Rate Mechanism (ERM II), which represents the antechamber to accession to the single currency for applicant countries (see Europolitics 3540 and 3542).
The latter is judged in the framework of at least a two-year participation in the Exchange Rate Mechanism II (ERM II).
Monetary policy in Hungary is conducted in the shadow of the ERM II framework.