ECB wants all euro aspirants to join ERM

The European Central Bank (ECB) has recommended that all countries seeking to join the euro must first spend at least two years in the exchange rate mechanism (ERM). This contrasts with comments from Swedish politicians who recently said they would try to negotiate a shorter ERM term, if the Swedish referendum is in favour of joining the euro.

If implemented, the recommendation, contained in an ECB position paper, would make entry into the single currency even less attractive for the UK, which

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