The Euro commission,in a welcome gesture included the Bulgarian Lev and Croatian Kuna in the the Exchange Rate Mechanism II (ERM II). The commission also cherished the ECB Governing Council’s decision on close cooperation with both countries, marking their entry into the Banking Union.
Croatia and Bulgaria took a big step toward joining the shared euro currency on Friday, underlining the currency bloc’s attraction despite its 2010-2015 debt crisis and the continuing debate about how to strengthen it against possible future trouble.
Finance ministers of the 19 current euro nations and European Central Bank President Christine Lagarde agreed to admit the two European Union members to the waiting room for the euro, known in European Union jargon as the exchange rate mechanism II. Before an EU member state can join the euro, its currency has to remain in a fluctuation band of 15% plus or minus against the euro for a minimum of two years.
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