First, the euro has a single floating exchange rate system outside the EU; Second, the euro implements the "European Second Exchange Rate Mechanism (ERM2) 1" for the non-euro member countries of the EU, that is, the fluctuation range between the euro and the currencies of the EU member countries that have not yet joined the euro zone remains within 15%.

The second exchange rate mechanism in Europe is based on intergovernmental agreements on the one hand and parallel agreements between central banks on the other. The resolution of the European Council forms the basis of the new exchange rate mechanism, and the specific operating procedures are determined by the agreement between the European Central Bank and the central banks of EU member States.

From 1 99965438+1October1,a new exchange rate mechanism, namely the European Second Exchange Rate Mechanism (ERM2), was implemented. Its contents include:

(1) The new exchange rate mechanism takes the euro as the center and accounting unit, establishes a two-way exchange rate mechanism with EU member States that have not yet joined the euro zone, and cancels the existing multilateral leveling exchange rate mechanism;

(2) The exchange rate between the euro and the currencies of EU member states that have not yet joined the euro zone is called the central exchange rate, and its fluctuation range is within 15%;

(3) The European Central Bank is responsible for managing the daily affairs of the exchange rate mechanism and coordinating the monetary policies between the euro zone countries and the EU member States that have not yet joined the euro zone; The latter also has the right to intervene in the foreign exchange market, and can apply for credit support from the European Monetary Cooperation Fund and use the "extremely short-term credit mechanism".