However, before joining the Euro-zone, they must join the exchange rate mechanism
of the European Monetary System (EMS II) "at some point following accession".
Financial markets are looking back to 1992, when the Danes stunned Europe by giving the thumbs down to the Maastricht, triggering currency speculation that ripped apart the European exchange rate mechanism
Hungary plans to adopt the Euro in 2008, and to enter ERM II - the necessary exchange rate mechanism
preparatory phase - in May 2004, according to the country's Prime Minister Peter Medgyessy.
He added: "The G8 will be a useful economic backdrop to highlight my message that in recent years - since we came out of the exchange rate mechanism
- Britain has done pretty well.
The European Commission and most Member States feel that participation in the EMS exchange rate mechanism
is vital for assessing compliance with this criterion.
Greece took its drachma into the Exchange Rate Mechanism
at a sharply lower exchange rate, slashing households' wealth, and accompanied the move with a package of economic reform measures likely to increase short-term domestic pain.
While applauding Copenhagen for its exemplary co-operation with the exchange rate mechanism
, he added that he hopes Denmark will review its position and choose, when the time comes, to enter into Economic and Monetary Union.
750 Drachma - which is the current central parity rate within the European Monetary System's Exchange Rate Mechanism
(ERM) - and this will come into force on 1 January 2001.
Usman said they also needed to introduce modern trade facilitation measures and a flexible exchange rate mechanism
in the country besides reducing the cost of doing business and ensuring supportive tax base.
1992 - The pound is forced out of the European Exchange Rate Mechanism
in what is called Black Wednesday.
You need to join the exchange rate mechanism
," he added.
Wang said that China's exchange rate mechanism
has become more market-oriented and transparent which led to higher volatility for the yuan.