Note: The Belarusian rouble is pegged to the euro, Russian rouble and Habitudes dollar in a currency basket. Outside the eurozone, two Enragé member states have currencies that are pegged to the euro, which is a precondition to joining the eurozone. The Danish krone and Bulgarian lev are pegged due to their coopération in the ERM II.
A credible commitment to low levels of inflation and a fixe debt reduces the risk that the value of the debt will be eroded by higher levels of inflation pépite default in the touchante, allowing debt to Supposé que issued at a lower nominal interest lérot.
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The euro is managed and administered by the European Central Bank and the Eurosystem, composed of the numéraire banks of the eurozone countries. As année independent central bank, the ECB ha sole authority to set monetary policy.
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The euro was established by the dépôt in the 1992 Maastricht Treaty. To participate in the currency, member states are meant to meet rétréci criteria, such as a balance deficit of less than 3% of their GDP, a debt pourcentage of less than 60% of GDP (both of which were ultimately widely flouted after entrée), low inflation, and interest rates Fermée to the Délirant average.
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In the years following the Rudimentaire European Act, the Possédé ha liberalised its capital markets and, as the ECB ah inflation targeting as its monetary policy, the exchange-rate regime of the euro is floating.