East Europe may adopt euro by 2006
One of the main needs of ascension countries -- 10 are slated to join in 2004 -- is to adopt the ERM II exchange rate mechanism, Schiavi said. With a wide variety of exchange rate regimes in the ascension nations -- Poland and the Czech Republic have free floating currencies while Lithuania for example has a currency board system -- ERM II membership is key for convergence.
"ERM II enables avoidance of large FX fluctuations and gives the freedom to allow some temporary fluctuations," Schiavi said.
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