Inclusion of the national central banks of the new Member States in the ERM II Central Bank Agreement

The operating procedures for the exchange rate mechanism in Stage Three of Economic and Monetary Union (ERM II) are laid down in the agreement of 1 September 1998 between the European Central Bank (ECB) and the national central banks (NCBs) of the Member States outside the euro area (ERM II Central Bank Agreement). As of 1 May 2004, the NCBs of the ten new Member States of the European Union have become parties to the ERM II Central Bank Agreement.

Both the ERM II Central Bank Agreement of 1 September 1998 and the act concerning the inclusion of the new Member States can be downloaded from the “Publications” section of the ECB’s website.