of Bulgaria) have all since joined the eurozone, and hence left ERM II: Slovenia (1 January 2007), Cyprus (1 January 2008), Malta (1 January 2008), Slovakia (1 January 2009), Estonia (1 January 2011), Latvia (1 January 2014), Lithuania (1 January 2015), and Croatia (1 January 2023). Current status As of January 2023, two currencies participate in ERM II: the Danish krone and the Bulgarian lev. The currencies of Sweden (the Swedish krona), the three largest countries which joined the European Union on 1 May 2004 (the Polish złoty, the Czech koruna, and the Hungarian forint), and Romania which joined on 1 January 2007 (the Romanian leu), are required to join in accordance with the terms of the applicable treaties of accession. Sweden has voted in a referendum to stay out of the mechanism, despite being expected to join by the ECB, since Sweden has no opt-out like Denmark. EU members are required to join the ERM by the Maastricht convergence criteria. Exchange rate bands In theory, most of the currencies are allowed to fluctuate as much as 15% from their assigned value. In practice, however, the currency of Denmark deviates very little. Historical reference The former members of ERM II are the Greek drachma, Slovenian tolar, Cypriot pound, Estonian kroon, Maltese lira, Slovak koruna, Lithuanian litas, Latvian lats, and Croatian Kuna. See also Euro convergence criteria List of acronyms associated with the eurozone crisis Citations External links The ERM on the UK Parliament website European Central Bank press releases Guardian Unlimited | Special reports | Pound drops out of ERM – 17 September 1992 Eurozone