The key features of ERM II are that it has stable, but adjustable central rates to the euro for the participating currency, with fluctuation bands of +/- 15% around the central rate, and that it uses a common procedure for major decisions regarding the conditions of (voluntary) participation in the mechanism.
This includes the Code of Conduct on Mortgage Arrears (CCMA), which was put in place in 2009 to ensure the fair and transparent treatment of financially-distressed borrowers. The CCMA includes requirements that arrangements be sustainable and based on a full assessment of the individual circumstances of the borrower and that repossession be used only as a last resort.