I am well aware that considerable progress has already been made on this path in several countries but some work still remains to be done. EMU can work as a catalyst in this respect, speeding up the necessary political decisions within CEECs and helping the respective central banks.
A crucial point on the path towards EU and EMU-membership is the development of a “stability culture”, i.e. the wide-ranging consensus within a country that the principal and most important task of monetary policy is to ensure price stability - a necessary condition for sustainable growth and hence for the catching-up process.