Membership of the Exchange Rate Mechanism (ERM) Membership since Devaluation of bilateral central rate on country's own initiative Maximum upward (+) and downward (-) deviations from central rates in the ERM grid (%) against (a) Belgian franc Danish krone Deutsche Mark Spanish peseta French franc Italian lira Dutch guilder Austrian schilling Portuguese escudo Finnish markka ###>(1994), World population projections 1994-95, World Bank, Washington DC.