Candidate countries can join EMU two years after their EU accession, at the earliest, as they have to spend at least two years in the European Exchange-Rate Mechanism ERM II. There are still considerable discrepancies between the candidate countries and the present EU member states in their macroeconomic and structural data.
The proposed Act addresses issues like operation of payment systems, including the clearing and settlement obligations of the parties involved, supervisory role of SBP, documentation requirements by the participants, liabilities of parties in payment systems and legal proceedings in case of any conflict, finality and irrevocability of settled transactions etc.