(8)Article 354(4) of Regulation (EU) No 575/2013 establishes a specific treatment for the currency pairs formed by currencies from Member States participating in the second stage of the economic and monetary union (‘ERM II’) against the euro and between themselves. Therefore, pairs involving those currencies should not be considered as ‘relevant’. However pairs formed by an ERM II currency on one side and a currency other than the euro or another ERM II currency on the other side should be considered ‘relevant’.