1, litra c), betyder, at den pågældende medlemsstat har overholdt de normale udsvingsmargener i det europæiske monetære systems valutakursmekanisme uden alvorlige spændinger i mindst de seneste to år før undersøgelsen.  
The criterion on participation in the exchange-rate mechanism of the European Monetary System referred to in Article III-198(1)(c) of the Constitution shall mean that the Member State concerned has respected the normal fluctuation margins provided for by the exchange-rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination.  