This principle reflects the fact that the new Member States differ substantially with respect to the size and structure of their economies, the present state of their fundamentals, and the monetary and  2  BIS Review 62/2004  exchange rate regimes that are currently in place.
The wide diversity across the new Member States implies that the economic situations and strategies of countries will have to be assessed on a case-bycase basis. Against this background, it is natural that ERM II entry and the preferred length of participation in the mechanism will differ across countries.