Moreover, as the CBA has served us well during the past 11 years, we seek to keep our currency board even within ERM-II, as a unilateral commitment.
In Estonia the existing monetary regime--the currency board--will remain unchanged until it joins ERM-II.
The ERM-II is a useful tool for preparations to join the Euro Area.
Estonia intends to request participation in the ERM-II system "immediately after EU accession" and to seek to obtain membership in the Euro-zone in 2006.
Hungary: The Government is committed to introducing the Euro in January 2008 and intends to participate in ERM-II as soon as possible after EU accession.
The current peg to the SDR should be changed to the Euro on January 1, 2005 and Latvia would at the same time start participation in ERM-II.
Lithuania intends to join ERM-II very soon after EU accession, maintain the current parity and a unilateral commitment to the currency board and to adopt the Euro after two years of successful membership in the ERM-II and continued compliance with the Maastricht criteria.
The new government convergence program for 2011-4 previews Romania to join ERM-II between 2013-4, but fails to mention the start of 2015 as the deadline to adopt the Euro, which was the goal of the previous document
Romania is in no hurry to join ERM-II on the grounds that it must effect additional structural reforms to increase the flexibility of its economy.
Participation in ERM-II
depends on an application from each new Member State, followed by negotiation with Euro-zone members on the exchange-rate level of entry.