Let me point - briefly and inevitably somewhat sketchily - to three main arguments in this context: first, “size matters”, in that the impact on euro area aggregates of future entrants into monetary union should not be overstated: the combined GDP of the new Member States amounts to around 6% of euro area GDP.
Second, the ten acceding countries have undergone a remarkable economic transformation in the past decade, with high growth rates; inflation rates that are close to the euro area level; with relatively stable exchange rates; falling long-term interest rates and a gradual catching-up in terms of real incomes.