In the second phase of the aforementioned three-stage process - starting immediately upon accession into the EU - the new entrants will, as far as EMU is concerned, have the status of "Member  2  BIS Review 3/2001  States with a derogation". No "opt-out" clauses will be available for the future new members.
After our experience in the financial crisis, especially considering the severe problems in commercial real estate markets, we were interested in understanding how community banks were affected by the guidance and whether the screening criteria set forth in the guidance were effective indicators of risk.