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ERMIIExchange Rate Mechanism II
ERMIIEnterprise Risk Management Institute International (also seen as ERM-II; Georgia)
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The exchange rate mechanism II (ERM II) is a regime of fixed exchange rates in which all EU countries wishing to adopt the euro as their currency must participate.
A country is obliged to spend two years in the Exchange Rate Mechanism II (ERM II) 'waiting room' following accession to the EU, and must meet the so-called 'Maastricht criteria' which cover inflation, public debt, budget deficit, long-term interest rates and currency stability.
Therefore, the real appreciation does not necessarily have to be a significant problem either in the Exchange Rate Mechanism II (ERM II)--as its wide fluctuation band gives room for a modest strengthening--or in the euro area.
The center-right government dropped its plans for applying for Exchange Rate Mechanism II, the waiting room to the euro zone, after raising the alarm that the 2009 budget gap was 3.