In the pre-accession phase, the consistency of the exchange rate strategy with other macroeconomic policies and objectives will take precedence over the choice whether to reduce existing exchange rate flexibility. However, a certain degree of exchange rate orientation toward the euro would be in line with further economic and financial integration and would also be consistent with the prospect of ERM II entry.
ERM II arrangements should not necessarily be seen as a „waiting room“ prior to the adoption of the euro, but as a flexible framework for the achievement of further convergence. In particular, real convergence can help promote both economic cohesion within EMU and integration between member states, thereby supporting efforts to minimize the risk and the effects of asymmetric shocks.