Croatia and Bulgaria join ECB’s exchange rate mechanism


Croatia and Bulgaria have come nearer to joining the eurozone as their currencies entered the European Central Bank’s exchange rate mechanism, or ERM II.

Both countries have simultaneously joined the eurozone’s banking union, committing them to a series of reforms of their financial structures. The ECB’s Single Supervisory Mechanism will take over supervision of Croatia’s largest banks within 14 days. 

Under the ERM II agreements, the two countries’ currencies are set at a certain level and

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