However, under certain circumstances, an unilateral CBA can be a suitable option in order to enhance the commitment to foreign exchange stability deriving from ERM II, but I would like  BIS Review 43/2002  3  to underline that this will not and cannot impose any unilateral obligation on the ECB besides those that are related to ERM II participation per se; •  The discipline entailed by CBAs may be a good incentive to pursue stability-oriented macroeconomic policies in order to enhance convergence efforts before EMU participation.
Nonetheless, this stability is not automatically warranted, the cause being related to complex adjustment mechanisms through which accession countries being in a market economy transition phase have to go;  •  Accession countries operating a sustainable CBA would not necessarily have to face a double regime shift.