The Economic and Monetary Union (EMU) has gone through the different stages until arriving at the creation of the euro. Now the new ten member states of the European Union (EU) are in the process of trying to close policies in order to meet the macroeconomic criteria of Maastricht. An overview on exchange rate policy of those countries will be analysed in this paper. Most of the new member states have pegged their currencies to the euro and are trying to join with it as soon as possible. Nevertheless, others are still highly linked with the currencies of the international monetary system or their exchange rate policy is still far from meeting the objective of the exchange rate in a short-term period of time.