ECB release forex rules for acceding central banks

The European Central Bank has released a paper which spells out how accession country central banks must manage their currencies in the run up to joining the euro.

According to the paper, the accession countries will not be allowed to "euroise" prior to formally joining the currency, and will have to manage their currencies to stay within 15% of a rate agreed with the ECB. This rules out free floating (or managed floats without a mutually agreed central rate), crawling pegs, and pegs against