As regards the exchange rate criterion, the Bulgarian lev and Croatian kuna were included in the exchange rate mechanism (ERM II), on 10 July 2020.
To this end, the Eurosystem carried out a comprehensive financial crisis simulation exercise in May 2006 which confirmed its preparedness to deal with potentially systemic events that could affect the euro area’s financial system. This exercise also contributed to the enhancement of the existing arrangements for managing financial crises.