BIS Review 143/2007  1  institutional arrangements with the EU or its Member States. Recent exchange rate regime changes involving the euro as an anchor currency have occurred in Slovenia, Slovakia and Russia. Slovenia adopted the euro on 1 January 2007. Slovakia joined the ERM II in November 2005.
An outcome of the low inflation rates and other structural factors has been unprecedented low nominal interest rates. These circumstances have led to an  19  increasing use of alternative monetary policy levers rather than just central banks’ official interest rates.