There will presumably also be a further convergence of central bank rates. However, such convergence need not take place at the very beginning of the interim period. Limited interest rate differences and exchange rate movements may well continue to exist for some time.
And by that, I do not so much mean German hyperinflation at the beginning of the 1920s, as is all too often assumed by foreign observers. Instead I mean the monetary policy experience gained in the 1970s and 1980s with the extremely heterogeneous development of inflation in Europe.