As you know, the mechanism defines a regime characterised by fixed, but adjustable, exchange rates, with a mutually agreed central rate against the euro and a standard fluctuation band of 15%. The euro plays a central role as the anchor currency in the mechanism. At the moment, eight countries are participating in ERM II.
Besides the long-standing participant Denmark, most of the new Member States that joined the EU in 2004 entered the mechanism over the past 18 months. As regards the entry conditions for ERM II, there are no legal criteria to be met beforehand. Thus, participation can be requested at any time by a Member State.