Brussels, 30/12/2003 (Agence Europe) - On 18 December 2003, the Governing Council of the European Central Bank published a policy position on exchange rate issues relating to the acceding countries that will join the European Union in May 2004 and "aimed at helping to guide the process of monetary integration of the prospective new Member States".
In a press release, the ECB notes that the ten new Member States "will all join the European Union as Member States with a derogation in the field of European Economic and Monetary Union (EMU). This means that, while not yet adopting the euro, they will be committed to striving towards the eventual adoption of the euro upon fulfilment of the convergence criteria laid down in the Treaty establishing the European Community. The Treaty foresees that at some point following accession, new Member States will join the Exchange Rate Mechanism II (ERM II)."