Participation in ERM II can be an important means to anchor exchange rate and inflation expectations and to promote discipline. It can help orient macroeconomic policies to stability, while at the same time allowing for a degree of flexibility, if needed, through the wide standard fluctuation band and the possibility of adjusting the central parity.
Beyond membership in the ERM II lies the adoption of the euro. Joining the euro area is an irrevocable decision and thus a step of major importance requiring circumspection and careful preparation. All new Member States are expected to adopt the euro in due course once they are deemed to have fulfilled the conditions set by the Treaty.