As from their entry into the EU, the new Member States will be obliged to treat their exchange rate policy as a matter of common interest. This implies, for example, that competitive devaluations are not allowed, since they would interfere with the smooth functioning of the Single Market.
Bearing in mind the final objective of adopting the euro, we expect accession countries to join ERM II, when they have achieved a sufficient degree of convergence with the euro area.