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Denmark's Participation in ERM II

At the informal meeting of the ECOFIN Council on September 25-27, 1998 in Vienna the ministers of economic affairs and finance and the centralbank governors of the EU member states concluded an agreement concerning Danish and Greek participation in the new exchange-rate mechanism, ERM II, as from January 1, 1999. The communiqué from the ECOFIN Council appears in the article. The agreement states that the Danish krone will participate in ERM II with a fluctuation band around its central rate against the euro of +/- 2.25 per cent, while the Greek drachma will participate with a fluctuation band of +/-15 per cent.