The pound-euro exchange rate at which Cyprus joined the ERM II in May 2005 remained very stable throughout the period of ERM II participation. The EU Council decided that the central parity should also become the final conversion rate of the pound to the euro.
1  I should like to thank Malin Andersson and Olivier Radelet for their input into this speech, Nick Vidalis and Hans-Joachim Klöckers for their helpful comments, as well as David Clarke for his additional contributions. BIS Review 7/2008  1  2.