From the point of view of the ESCB this particularly concerns the legal underpinning of the central bank’s independence. At the same time, particular attention should be given to the stability of the banking system and the financial markets in the accession countries.
Even prior to accession, the economic policy of candidate countries BIS Review 81/2000  4  must be geared towards stability-oriented monetary and budgetary policies coupled with the necessary structural reforms. On the other hand, no universally valid rules can be laid down for exchange rate policy prior to accession.