this post was submitted on 24 May 2024
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Privacy
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I think it's important to remember that the Eurozone has two stages (ERM I and II) and they're both important but for different reasons.
ERM I is about achieving long term economical stability, which is established according to a series of indices called convergence criteria, that are evaluated every two years on even years. A member can technically apply for the second stage if they pass only two consecutive evaluations (4 years) with all-green marks, but the members that join nowadays do so after about a decade of green evaluations.
The goal of ERM I is to make sure a member's economy is stable to the point that switching the currency to the euro becomes moot. But it is also a win in itself (long term economical balance).
You may wonder why even bother with ERM II if every member were ERM I. Well, ERM I is what is called a common monetary policy – but ERM II is a common fiscal policy, which would mean deeper alignment and integration of all fiscal instruments across the Union.
There is no deadline that the members must meet but most EU members are legally committed to entering ERM II someday. There's no deadline because you can't wish economic stability true; each member will achieve it when it achieves it.
To give some examples:
I am going to absolutely take this at face value without checking any of the text because anything that is so well written, must be true! Thanks, I learnt a heap from this.
erm 🤓