The uncertainties in countries such as Denmark and the United Kingdom which hesitated to sign the Maastricht Treaty, the interest-increasing effect of the unification of Germany, and the fact that the exchange rates of some currencies had become overvalued since Nyborg, culminated in August 1993 in the  BIS Review 42/1997  -4-  decision to broaden the fluctuation margins of the EMS currencies from ± 2.25% to ± 15%, except for the Deutsche Mark and the guilder which maintained the original margin of ± 2.25%.
There was no doubt over which location would be most suitable in Asia, as the Bundesbank already has a Representative Office in Tokyo. The enlargement of our Tokyo office bears witness to the increasing economic and political importance of Asia.