As well as size and economic strength, the standard of living varies considerably. If purchasing power parity is taken as a basis, the figures range from 24% of the EU average in Bulgaria to 82% in Cyprus. Nine of the twelve candidate countries show less than 60% of the average EU income. It can therefore be assumed that real convergence will take some time.
The heterogeneity amongst the accession countries can also be seen from the fact that there are a number of different exchange rate regimes in operation. Most of the countries have seen their exchange rate regime change at least once, if not more often, during the transition process.