that's what ERM1 was, fixing your exchange rate against the "European Currency Unit" and 1 ECU became 1 euro on 1 January 1999 now that the euro exists: joini

that's what ERM1 was, fixing your exchange rate against the "European Currency Unit" and 1 ECU became 1 euro on 1 January 1999 now that the euro exists: joining ERM (version 2) is phase 1 of joining the euro