EU candidates must join ERM on way to euro-Noyer

GERMANY - European Central Bank Vice President Christian Noyer said on 13 August countries seeking to join the single European currency must first keep their currencies loosely aligned with the euro for two years.

In an article in German financial newspaper Handelsblatt, Noyer said EU candidates, some of which want to adopt the euro as soon as possible, need to peg their currencies within a wide band of 15 percent on each side of the target exchange rate for at least two years.

Such a requireme