Yet, visionaries, determined policymakers and the people of Europe have translated this project into reality. 3  ERM II is a multilateral arrangement of fixed, but adjustable, exchange rates with a central rate and a standard fluctuation band of +/–15% against the euro. 4  BIS Review 89/2007  This success reminds us not to lose sight of our long-term goals and visions.
Such a free entry may be appropriate for any other segment of goods and services, not for ‘banking’. Every other good or service is primarily a one-off transaction, whereas banking is a continuing relationship, and 6/7  BIS central bankers' speeches  therefore “fit and proper” criterion is of utmost importance and consequently, “free entry” based on tick-box exercise is totally anti public safety.