It is a great pleasure and an honour for me to have this opportunity to present my views on the european integration process and the role of the euro in this process stage three of economic and monetary union started on 1 january 1999 when the exchange rates of the currencies of 11 eu countries were irrevocably fixed at the same time the governing council of the european central bank ecb . The european monetary system was no longer a functional arrangement in may 1998 as the member countries fixed their mutual exchange rates when participating in the euroits successor however the erm ii was launched on 1 january 1999the establishment of the european monetary institute emi member states are required to work to fulfill the five convergence criteria on inflation interest . Overview of european monetary and fiscal policy measures new cases 7 day moving average thousands for further reference see baele l et al measuring financial integration in the euro area occasional paper series no 14 ecb frankfurt am main april 2004 see financial integration and structure in the euro area ecb frankfurt am main march 2020 as well as the . The ecb has monitored the state of financial integration in the euro area since the launch of the euro but with a medium term perspective based on annual and sometimes quarterly data this type of analysis yields important insights about the functioning of financial markets which matters amongst other things for the smooth and uniform transmission of monetary policy across the euro area
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