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Topic: ERM II

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	Slovenia and ERM II - Banka Slovenije
		Participation in ERM II is a precondition for the adoption of euro, which the Bank of Slovenia and the Slovene government envisage in 2007.
		ERM II entry represents preparation and condition for the adoption of the euro, which the Bank of Slovenia and the Government anticipate in the beginning of 2007.
		Therefore, the participation in ERM II is also a test for the ability to accommodate the fiscal policy and/or the framework in which the fiscal and income policy have to ensure the macroeconomic and price stability.
	www.bsi.si /en/economic-and-monetary-union.asp?MapaId=753 (1167 words)

	Britain.tv Wikipedia - ERM II
		Ireland's participation in ERM resulted in the Irish pound breaking parity with the Pound Sterling in 1979 as very shortly after the launch of the ERM the Pound Sterling, not at the time an ERM currency, appreciated against all ERM currencies and continued parity would have taken the Irish pound outside of its agreed band.
		The United Kingdom entered the ERM in 1990, but was forced to exit the programme in 1992 after the Pound Sterling came under major pressure from currency speculators, including George Soros.
		The Estonian kroon, Lithuanian litas, and Slovenian tolar were included in the ERM II on 28 June 2004; the Cypriot pound, the Latvian lats and the Maltese lira on 2 May 2005; the Slovak koruna on 28 November 2005
	www.britain.tv /wikipedia.php?title=ERM_II (621 words)

	HSBC Bank Malta p.l.c. - New exchange rate mechanism (ERM II) frequently asked questions (Site not responding. Last check: 2007-10-16)
		ERM II is an arrangement in which a formal rate of exchange is established between the euro and the national currency of each participant of the mechanism.
		ERM II should enable the country to prepare its economy for euro adoption and to test the sustainability of the convergence process and of the exchange rate which will be chosen as the eventual conversion rate to the euro.
		The process of joining ERM II and the establishment of the central parity rate was initiated by a joint request from the Finance Minister and Central Bank Governor.
	www.hsbcmalta.com /htmlnew/erm2faq.htm (1381 words)

	Economic and Financial Affairs - The Euro: Our Currency - Euro in the world - Bilateral exchange rates
		Denmark: the Danish kroner joined the Exchange Rate Mechanism II (ERM II) on 1 January 1999 and observes a central rate of 746.038 and narrow fluctuation margins (±2.25%) vis-à-vis the euro.
		Estonia: the Estonian kroon joined the Exchange Rate Mechanism II (ERM II) on 28 June 2004 and observes a central rate of 15.6466 and standard fluctuation margins (±15%) vis-à-vis the euro.
		Lithuania: the Lithuanian litas joined the Exchange Rate Mechanism II (ERM II) on 28 June 2004 and observes a central rate of 3.45280 and standard fluctuation margins (±15%) vis-à-vis the euro.
	ec.europa.eu /economy_finance/euro/world/euro_world_6_en.htm (421 words)

	Suomen Pankki - Finlands Bank - Bank of Finland (Site not responding. Last check: 2007-10-16)
		ERM II offers the EU member states, not participating in the euro area, an opportunity to link their currencies to the euro.
		Greece participated in ERM II prior to its accession to the euro area with effect from 1 January 2001.
		After that, Denmark was the only remaining country within ERM II, with the central rate of the Danish krona being at 7.46038 and the fluctuation band at ±2.25%.
	www.bof.fi /eng/2_rahapolitiikka/2.4_EMU/2.4.1_ERMII/intro.stm (468 words)

	Nationalbanken // Monetary Policy // Web document // Foreign-exchange policy / ERM II
		The euro is at the core of ERM II, and the other participating currencies have central rates vis-à-vis the euro, but not vis-à-vis each other.
		ERM II also comprises a commitment to unlimited intervention credit between the ECB and the central bank of the participating country.
		One of the convergence criteria for euro participation is observance of the normal fluctuation band within ERM II for at least two years without devaluing.
	www.nationalbanken.dk /DNUK/MonetaryPolicy.nsf/side/Exchange_Rate_Mechanism__ERM_II?OpenDocument (403 words)

	[No title]
		ERM II, as its name suggests, will be a revised version of the current ERM - a system in which EU currencies rates are given a band of 15% within which to fluctuate against one another.
		Once the first wave countries are ‘in’, the ERM will be updated to ERM II, allowing for the fact that by then, the euro will be a book currency and the participating currencies will be irrevocably fixed against it.
		A country’s currency should observe the fluctuation margins within the ERM (Exchange Rate Mechanism) without severe tensions for at least the preceding two years and particularly without having devalued against another EU country at its own initiative.
	members.tripod.com /~nadia_ioannou/ERM.htm (420 words)

	Transcript of an IMF Economic Forum: Adopting the Euro in the New Member states: the next step in European integration
		Let me begin by saying that my task is mainly to explore whether Greece's experience in joining the ERM offers any clues to the new member states as they try to develop their own strategies for adopting the common currency.
		Greece stayed in the ERM certainly longer than the minimum two years requirement, and I think it is important to stress that significant tensions emerged only in the early part of that period.
		Hence, my conclusion is that the consent about the riskiness of staying in ERM for any length of time is certainly exaggerated, at least judging from the experience of Greece.
	www.imf.org /external/np/tr/2004/tr040504.htm (9414 words)

	Landtourist Estates
		It said that joining the ERM II officially sealed “the steady and successful course of our currency” and created the prerequisite to continue along these lines until the adoption of the euro.
		“The agreement on participation of the Cyprus pound in ERM II is based on a firm commitment by the Cypriot authorities to pursue sound fiscal policies, including lowering the high debt level, which are essential for preserving macroeconomic stability and ensuring the sustainability of the convergence process.
		In a written statement he said that joining the ERM II would bring tangible benefits to the economy, and would speed up implementation of the government's social policies.
	www.landtourist.com.cy /news_description.asp?ID=23 (523 words)

	Atlantic Economic Journal
		The current prospects of the Slovenian economy are favorable for early entry into ERM II so that the currency union can be acceded as soon as possible.
		For that purpose the article describes the official position of the Estonian authorities regarding entry into ERM II and the adoption of the euro, explains the rationale for early entry into ERM II, and presents the reasons for maintaining the currency board arrangement until full membership in EMU.
		The article concludes that early entry into ERM II is appropriate as the perceived costs---short-term costs of fiscal consolidation and the cost of giving up independent monetary policy and flexible exchange rates as stabilization tools---are practically non-existent in Estonia.
	www.iaes.org /aej_abstracts/dec_04/abstracts.htm (952 words)

	European Exchange Rate Mechanism (via CobWeb/3.1 planetlab2.cs.virginia.edu) (Site not responding. Last check: 2007-10-16)
		The ERM is based on the concept of fixed currency Exchange Rate margins, but with Exchange rates variable with those margins.
		Ireland's participation in ERM resulted in the Irish Pound breaking parity with the Pound Sterling in 1979, becoming an entirely separate currency, the Irish Punt.
		The Estonian kroon, Lithuanian litas, and Slovenian tolar were included in the ERM II on June 28, 2004, the Cyprus pound, the Latvian lats and the Maltese lira on May 2, 2005.
	european-exchange-rate-mechanism.iqnaut.net.cob-web.org:8888 (449 words)

	[nep-ifn] NEP-ifn-2003-04-27 (Site not responding. Last check: 2007-10-16)
		It is pointed out that it is more appropriate to analyse exchange-rate policy in course of Exchange Rate Mechanism II (ERM II) with regard to a changing incentive structure.
		ERM II shall provide for an adequate level of convergence between prospective and current members of European Monetary Union (EMU).
		Accordingly, the phase of ERM II is considered to be a bargaining on the distribution of costs of convergence between prospective and current members of EMU.
	lists.repec.org /pipermail/nep-ifn/2003-May/000121.html (3041 words)

	The ERM II issues: an interpretation of the Slovenian approach. \| Government from AllBusiness.com (Site not responding. Last check: 2007-10-16)
		The ERM II issues: an interpretation of the Slovenian approach.
		The Joint Program also discusses the key elements of the risks associated with the adoption of the euro, the policy mix to be implemented during the stay in ERM II, and the setting of the central parity.
		Nevertheless, while there is a consensus that the adoption of the euro is a positive sum game in the long run, the strategies that are being set in place to arrive at this goal are very diverse from country to country.
	www.allbusiness.com /government/297142-1.html (689 words)

	High-level telithromycin resistance in laboratory-generated mutants of Streptococcus pneumoniae -- Walsh et al. 52 (3): ...
		II and V and the L4 and L22 genes of the telithromycin-resistant
		II 4, J II 7 and J II 9 have not been previously identified.
		A ketolide resistance mutation in domain II of 23S rRNA reveals the proximity of hairpin 35 to the peptidyl transferase centre.
	jac.oxfordjournals.org /cgi/content/full/52/3/345 (5411 words)

	Conventions and Procedures for the Exchange Rate Mechanism II (ERM II) (Site not responding. Last check: 2007-10-16)
		The Exchange Rate Mechanism II (ERM II) was introduced at the start of Stage Three of EMU, on 1 January 1999.
		However, as ERM II membership is one of the convergence criteria for the eventual adoption of the euro, new Member States are expected to join the mechanism at some stage.
		For all the currencies of the non-euro area Member States participating in ERM II, the exchange rate for the bilateral central rate against the euro is quoted using the euro as the base currency.
	www.bportugal.pt /euro/ecbcom/2004/28_06/erm2_e.htm (535 words)

	News - Enterprise Risk Management Institute International (ERMII) (via CobWeb/3.1 planetlab2.cs.virginia.edu) (Site not responding. Last check: 2007-10-16)
		ERM Institute International, Ltd (ERM-II) seeks an Executive Director/CEO to lead its development activities and to grow its resources.
		ERM is the Next Big Thing for Quants - feature story in the Nov/Dec 2005 issue of Financial Engineering News
		Unlike established strains of risk management, ERM is not just about compliance and control, but is more about strategic risk-taking and building an effective organization.
	www.ermii.org.cob-web.org:8888 /News/News_ndx.html (372 words)

	ERM
		This paper explores the impact that Basel II will have on all kinds of financial institutions from an enterprise risk management and economic capital perspective – and discusses how Basel II investments in risk modeling and data gathering can be leveraged into ten key improvements in business management.
		This paper defines ERM in a way that is in line with the new COSO framework and goes on to discuss the proper role for internal auditors in any ERM activities.
		Auditors, who report largely to the Audit Committee, must keep a distance between their ERM activities and those of the risk modeling and risk management functions of the firm (who report largely to executive management).
	www.erisk.com /ResourceCenter/ERM/Listing.asp (5498 words)

	About ERM Institute International - ERMII (via CobWeb/3.1 planetlab2.cs.virginia.edu) (Site not responding. Last check: 2007-10-16)
		International changes to regulations for banks under Basel II, new risk based capital requirements for insurance companies and Sarbanes-Oxley compliance for all business corporations in the United States, have brought enterprise risk management to the forefront of challenges facing business corporations.
		ERM Institute International, Ltd. is incorporated in the State of Georgia of the United States of America.
		The Legal Advisor for ERM Institute International, Ltd. is Morris, Manning and Martin, LLP.
	www.ermii.org.cob-web.org:8888 /About/About_ndx.html (886 words)

	European Exchange Rate Mechanism - Wikipedia, the free encyclopedia
		[edit] Replacement with the euro and ERM II
		In 1999, ERM II replaced the original ERM.
		Pound drops out of ERM - September 17, 1992
	en.wikipedia.org /wiki/ERM_II (653 words)

	Η Ελληνική Προεδρία της ΕΕ - eu2003.gr - Economic and Financial Committee : Acceding countries ... (Site not responding. Last check: 2007-10-16)
		ERM-II is based on the European Council Resolution on the establishment of an exchange-rate mechanism in the third stage of economic and monetary union (Amsterdam, 16 June 1997) and the Central Bank Agreement of 1st September 1998 laying down the operating procedures.
		Its key features are: (i) stable but adjustable central rates to the euro for the participating currencies (with standard fluctuation bands being +/-15% around the central rate); and (ii) a common procedure for the main decisions relating to the conditions of participation in the mechanism (central rate and fluctuation band).
		A new Member State may join ERM-II upon request any time after accession, subject to the agreement on the central parity and fluctuation band in accordance with the common procedure.
	www.eu2003.gr /en/articles/2003/6/4/2988 (770 words)

	SSRN-Asymmetric Fluctuation Bands in the ERM and ERM II: Lessons and Challenges for New EU Member States of Central and ... (Site not responding. Last check: 2007-10-16)
		The enlargement of the European Union raises a series of questions related to new member states' entry to the EU's exchange rate mechanism II (ERM II) and their subsequent adoption of the euro.
		With this as a background, a hypothetical ERM II is constructed for four new EU member states with flexible exchange rate regimes, namely the Czech Republic, Hungary, Poland, and Slovakia, to assess, ex post, the hypothetical fulfillment of the Maastricht criterion by these countries.
		Based on such an examination, fulfilling the criterion may prove a tricky task, which, inter alia, suggests the need for the careful selection of an appropriate initial ERM II central rate.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=713202 (319 words)

	Euro - ERM II (via CobWeb/3.1 planetlab2.cs.virginia.edu) (Site not responding. Last check: 2007-10-16)
		The countries not participating in the euro area will still be using their national currencies.
		In order to prepare these currencies for later participation in the euro area while helping to ensure exchange rate discipline throughout the European Union (EU), a new exchange rate mechanism (ERM II) was introduced on 1 January 1999.
		The ERM II, of which membership is voluntary, replaces the former ERM, and has the following features:
	www.bportugal.pt.cob-web.org:8888 /euro/emu/mtc2_e.htm (208 words)

	Bank Systems & Technology : Basel II Drives ERM
		The consensus among bankers and experts is that Basel II is the driving force behind enterprise risk management (ERM).
		Basel II requires a consistent approach, making it impossible for different silos to use different risk calculations and assessments, Porada adds, noting that banks are starting to realize this.
		According to Brendan Nedzi, managing director at The Bank of New York, the bank's Basel II platform has freed up resources within the bank and made more, and superior, information available to management.
	www.banktech.com /showArticle.jhtml?articleID=193105242 (943 words)

	CAS, ERM-II Conducting Research on Enterprise Risk Management by Insurance Networking News
		"We are going to establish a new theoretical foundation for enterprise risk management, with practical guidance for ERM implementation," says Dr. Shaun Wang, executive director of ERM Institute International, and lead researcher for the project.
		According to John J. Kollar, vice president of risk integration and ERM for the Casualty Actuarial Society, several highly regarded practitioners have volunteered to assist the research team.
		The research team expects to release an exposure draft of the study by mid-summer 2006.
	www.insurancenetworking.com /protected/article.cfm?articleId=3923 (269 words)

	Economic Survey of the Czech Republic 2004: Policy for a smooth entry to the euro area (Site not responding. Last check: 2007-10-16)
		The risks of Exchange-Rate Mechanism II (ERM II) membership are to be minimised by only entering when conditions look set for the fulfilment of the Maastricht criteria.
		Also, commitment to euro entry a long way in advance is being avoided through annual assessment and decision on whether conditions are right to join ERM II.
		Credibility of the strategy has been heightened by a process of dialogue and explicit agreement between the Government and the Central Bank.
	www.oecd.org /document/61/0,2340,en_2649_34113_33915517_1_1_1_1,00.html (327 words)

	Slovak news: Slovakia joins ERM-II exchange rate mechanism
		Slovakia's joining of the ERM II was intentionally sudden and unannounced in order that forex market players not have time to prepare speculative deals., Slovakia was originally supposed to have become a member of the ERM II in June 2006.
		Slovakia must now remain in the ERM II for at least two years, and only then can adopt the euro.
		Slovakia joined the ERM II after agreement with the countries of the euro-zone, the European Central Bank, and the seven other members of the ERM-2, which are outside the euro-zone for now.
	www.slovakspectator.sk /clanok.asp?cl=21729 (517 words)

	Cyprus, Latvia and Malta join ERM II - Forbes.com (Site not responding. Last check: 2007-10-16)
		BRUSSELS (AFX) - Cyprus, Malta and Latvia entered the European Exchange Rate Mechanism (ERM II), linking their currencies to the euro in a step which could lead to them adopting the euro as soon as 2007, the European Union said.
		Joining the ERM II is the first step towards full membership of the eurozone, to which 12 EU members already belong.
		For the Cypriot pound the pivot rate will be 0.585274 per euro, for the Maltese liri 0.429300 and for the Latvian lat 0.702804, the EU said in a statement.
	www.forbes.com /markets/feeds/afx/2005/05/01/afx1988562.html (428 words)

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