Let me at this point also mention that currently there are seven countries participating in the ERM II (Denmark since 1979 [ERM I], Estonia and Lithuania that joined ERM II in 2004, Cyprus, Malta, Latvia and Slovakia that joined in 2005).
For these countries, the ERM II experience has been and remains a useful test to check whether their economies can work smoothly under conditions of stable exchange rates or whether further efforts are needed to make the convergence process sustainable. Finally, let me say that the ECB has established excellent working relations with Banka Slovenije over the last couple of years.