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ERM 2
’Waiting for Latvia to devalue
The Swedish central bank shored up its currency reserves by SEK100 bn last week. The move was widely interpreted as national preparation for a potential Latvian devaluation — Swedish banks having up to $75bn worth of exposure to Latvia,
ERM, convergence might not work
When fear of foreign exchange exposure wrought havoc in Eastern European markets last October, the region’s chief saving grace was a ubiquitous commitment to accelerating its entry into the euro zone; this was particularly true of Poland and Hungary.