Allow me therefore to make a bold point: the euro has arguably been the best exchange rate policy decision which Europe has ever taken. Institutional arrangements for exchange rate policy in the euro area This brings me to my second topic: the institutional arrangements for the euro area’s exchange rate policy.
In describing these arrangements, we should distinguish between three categories of countries: EU countries which do not take part in ERM II, EU countries which are part of ERM-II, and non-EU countries. First, consider the EU countries which do not take part in ERM II. As EU Member States, these countries are subject to the Treaty.