agreement septemb european central bank nation central bank member state euro area lai oper procedur exchang rate mechan stage econom monetari union european central bank hereinaft refer ecb nation central bank member state euro area hereinaft refer euro area ncb euro area member state european council resolut june hereinaft refer resolut agre set exchang rate mechan hereinaft refer erm ii stage econom monetari union begin januari term resolut erm ii replac present european monetari system stabl econom environ good function singl market higher invest growth employ interest member state singl market endang real exchang rate misalign excess nomin exchang rate fluctuat euro eu currenc disrupt trade flow member state articl treati establish european commun member state oblig treat exchang rate polici matter common interest erm ii ensur euro area member state particip erm ii hereinaft refer particip euro area member state orient polici stabil foster converg effort adopt euro particip erm ii voluntari euro area member state member state derog expect join mechan member state particip outset erm ii particip date erm ii function prejudic primari object ecb euro area ncb maintain price stabil currenc particip euro area member state hereinaft refer particip euro currenc central rate euro defin standard fluctuat band central rate ensur adjust central rate conduct time fashion avoid signific misalign parti mutual agreement central rate includ ecb initi confidenti procedur aim reconsid central rate intervent margin principl automat unlimit short term financ ecb euro area ncb particip erm ii hereinaft refer particip euro area ncb suspend intervent conflict primari object price stabil decis due account relev factor maintain stabil credibl function erm ii exchang rate polici oper strengthen allow closer exchang rate link euro particip euro area currenc extent light progress converg intervent support instrument conjunct polici measur includ monetari fiscal polici conduc econom converg exchang rate stabil possibl coordin intramargin intervent decid mutual agreement ecb respect particip euro area ncb parallel polici respons includ flexibl interest rate suffici flexibl allow accommod vari degre pace strategi econom converg euro area member state agreement preclud establish bilater basi addit fluctuat band intervent arrang euro area member state agre central rate fluctuat band articl bilater central rate intervent rate euro particip euro area currenc parti agreement particip joint notif market bilater central rate particip euro area currenc euro agre common procedur paragraph resolut accord fluctuat band fix pursuant paragraph resolut ecb particip euro area ncb establish common accord bilater upper lower rate euro particip euro area currenc automat intervent ecb particip euro area ncb jointli notifi market rate quot accord convent set annex ii intervent articl gener provis intervent principl effect euro particip euro area currenc ecb particip euro area ncb inform foreign exchang intervent intend safeguard cohes erm ii ecb euro area ncb inform foreign exchang intervent articl intervent margin intervent margin principl automat unlimit ecb particip euro area ncb suspend automat intervent conflict primari object maintain price stabil decid suspend intervent ecb particip euro area ncb due account relev factor includ credibl function erm ii ecb particip euro area ncb concern base decis factual evid context give consider conclus reach compet bodi ecb particip euro area ncb concern notifi long advanc strictli confidenti basi monetari author concern monetari author particip euro area member state intent suspend intervent payment payment procedur appli event intervent margin set annex articl coordin intramargin intervent ecb particip euro area ncb agre ordin intramargin intervent articl prior agreement intervent transact prior agreement central bank issu intervent currenc requir central bank intend currenc amount exceed mutual agre limit connect compulsori intervent includ unilater intramargin intervent involv sale purchas particip currenc prior agreement requir transact intervent involv particip euro area currenc euro magnitud make influenc exchang rate currenc concern case respect central bank agre approach minimis potenti problem includ possibl settl transact wholli part directli central bank iii short term financ facil articl gener provis purpos intervent euro particip euro area currenc ecb particip euro area ncb open short term credit facil initi matur short term financ oper month financ oper facil form spot sale purchas particip currenc give rise claim liabil denomin creditor currenc ecb particip euro area ncb date financ oper ident date intervent market ecb record transact conduct context facil articl financ intervent margin short term financ facil principl automat unlimit amount purpos financ intervent particip currenc margin debtor central bank make foreign reserv hold prior draw facil ecb particip euro area ncb suspend automat financ conflict primari object maintain price stabil suspens automat financ subject provis articl agreement articl financ intramargin intervent purpos intramargin intervent short term financ facil agreement central bank issu intervent currenc made subject condit cumul amount financ made debtor central bank exce ceil laid annex ii debtor central bank make foreign reserv hold prior draw facil articl remuner outstand short term financ balanc remuner repres domest month monei market rate creditor currenc prevail trade date initi financ oper event renew pursuant articl agreement month monei market rate creditor currenc prevail date initi financ oper renew fall due accru interest paid creditor currenc date initi matur facil applic date advanc liquid debtor balanc event renew facil pursuant articl agreement interest capitalis end month period paid date final repay debtor balanc purpos articl agreement particip euro area ncb notifi ecb repres domest month monei market rate repres domest month monei market rate euro ecb notifi particip euro area ncb articl automat renew request debtor central bank initi matur financ oper extend period month initi matur automat extend maximum month total amount indebted result applic articl time exce debtor central bank ceil laid central bank annex ii articl renew mutual agreement debt exceed ceil laid annex ii renew month subject agreement creditor central bank debt renew automat month renew time month subject agreement creditor central bank articl advanc repay debtor balanc record accord articl agreement settl time advanc request debtor central bank articl net mutual claim liabil mutual claim liabil ecb particip euro area ncb aris oper provid articl agreement net mutual agreement parti involv articl mean settlement financ oper fall due event advanc repay settlement principl carri mean hold creditor currenc provis prejudic form settlement agre creditor debtor central bank iv closer exchang rate cooper articl closer exchang rate cooper exchang rate polici cooper particip euro area ncb ecb strengthen closer exchang rate link agre case case basi initi interest particip euro area member state case case basi formal agre fluctuat band narrow standard back principl automat intervent financ set request particip euro area member state concern procedur laid paragraph resolut type closer exchang rate arrang inform natur establish ecb particip euro area ncb monitor function system articl task gener council ecb gener council ecb monitor function erm ii serv forum monetari exchang rate polici coordin administr intervent financ mechan agreement close monitor perman basi sustain bilater exchang rate relat particip euro area currenc euro gener council ecb period review oper agreement light experi gain articl reconsider central rate particip narrow fluctuat band parti mutual agreement reach pursuant paragraph resolut includ ecb initi confidenti procedur aim reconsid central rate event formal agre fluctuat band narrow standard parti joint decis made pursuant paragraph resolut includ ecb initi confidenti examin appropri respect currenc particip narrow band vi particip articl applic provis articl agreement appli euro area ncb particip erm ii articl cooper concentr euro area ncb particip erm ii cooper ecb particip euro area ncb concentr exchang inform proper function erm ii vii final provis articl final provis agreement replac effect januari agreement march amend instrument june instrument novemb lai oper procedur european monetari system agreement drawn duli sign version english french german certifi copi origin languag central bank ecb requir retain origin agreement translat offici commun languag publish seri offici journal european commun annex quotat convent currenc particip erm ii payment payment procedur event intervent margin quotat convent currenc euro area member state particip erm ii exchang rate bilater central rate vi vi euro quot euro base currenc exchang rate express signific digit currenc convent appli quot upper lower intervent rate vi vi euro currenc euro area member state particip erm ii intervent rate determin ad subtract agre bandwidth express percentag bilater central rate result rate round signific digit payment payment procedur payment payment procedur appli ecb euro area ncb event intervent margin euro area ncb particip erm ii appli payment payment procedur act correspond euro area ncb ecb accord annex euro area ncb particip erm ii discret adopt payment payment procedur set intervent margin ncb carri behalf gener principl payment payment procedur appli intervent margin erm ii take place euro currenc euro area member state particip erm ii elig intervent margin erm ii counterparti requir account ncb concern counterparti requir maintain swift address exchang authent telex kei ncb concern ecb addit elig counterparti conduct intervent margin erm ii directli ecb euro area ncb particip erm ii act correspond euro area ncb ecb intervent margin take place ncb concern ecb releas payment transact receiv confirm correspond amount due credit account counterparti requir pai due time enabl ncb ecb fulfil respect payment oblig counterparti requir pai predefin deadlin ii deadlin receipt fund counterparti counterparti pai intervent amount latest ecb cet time date annex ii ceil access short term financ facil refer articl agreement septemb effect januari million euro gt tabl gt gt tabl gt