Bulgaria and the euro a stable ERM-II member for a minimum of two years. While Bulgaria has not formally joined the exchange rate mechanism, the ±15% floating band permitted within ERM II is less restrictive than Bulgaria's current strict peg of 1.95583 BGN to 1 EUR. The lev has been pegged to the euro since its launch, and prior to that was pegged on par to the German Mark. While the currency board which pegs Bulgaria to the euro has been seen as beneficial to the country fulfilling criteria so quickly, the ECB has pressured Bulgaria to drop it as it did not know
What Is This? following week. The group decided to change their name to the Red Hot Chili Peppers, played several more shows at various L.A. clubs and musical venues, and eventually recorded a demo tape, all while Slovak and Irons were still playing with What Is This?. A few months later, What Is This received a record deal with MCA Records and the Red Hot Chili Peppers received a joint deal with EMI America and Enigma Records. Hillel Slovak and Jack Irons decided to leave the Red Hot Chili Peppers and stay with What Is This? as the latter was their primary musical