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Countries in the ERM on Black Wednesday

Eleven currencies were in the European Exchange Rate Mechanism on 16 September 1992, Black Wednesday. By the next day sterling and the lira had been suspended.

The full list

Founders, 13 March 1979 8

In the mechanism from its first day, 13 March 1979.

• 🇧🇪Belgium
• 🇱🇺Luxembourg
• 🇩🇰Denmark
• 🇩🇪Germany
• 🇫🇷France
• 🇮🇪Ireland
• 🇮🇹Italy
• 🇳🇱Netherlands

Later joiners, 1989 to 1992 3

Joined later: Spain on 19 June 1989, the United Kingdom on 8 October 1990 and Portugal on 6 April 1992.

• 🇪🇸Spain
• 🇬🇧United Kingdom
• 🇵🇹Portugal

Not on the list

• Greece: A member of the European Community since 1981, but the drachma joined the ERM only on 16 March 1998.
• Finland: The markka was pegged to the ecu outside the ERM.
• Sweden, Norway: Their currencies were pegged to the ecu by their own choice, outside the ERM.
• Austria: Joined the ERM on 9 January 1995, after joining the EU.

Questions

How many countries were in the ERM on Black Wednesday?

Eleven currencies were in the European Exchange Rate Mechanism on 16 September 1992, Black Wednesday. By the next day sterling and the lira had been suspended.

Which countries are on the list?

Belgium, Luxembourg, Denmark, Germany, France, Ireland, Italy, Netherlands, Spain, United Kingdom and Portugal.

What is an easy way to remember them?

Every European Community member of the time except Greece: the eight founders of 1979, plus Spain (1989), the UK (1990) and Portugal (1992).

More lists

Each name checked against at least two sources, one of them European Monetary Institute, on 3 October 2026. Next review by 3 October 2028.
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