The paper gives an excellent overview of the issues involved in the participation in the Exchange Rate Mechanism II (ERM II). In my remarks, I would like to discuss the following four questions: (1) Is there a conflict between exchange rate stability and price stability within the ERM II for accession countries, considering that these countries are catching-up economies? (2) What are the main benefits and risks of ERM II participation? (3) What considerations should be taken into account in deciding the appropriate timing for entry into the ERM II? (4) What is the optimal length of stay in the ERM II?