It is also important that we find a way of managing future crises in a way that reduces the cost to the crisis country and shares the burden more evenly, and so reduces the moral hazard to lenders. If we do not succeed in doing these things, we face the prospect of a significant number of countries losing faith in open, market-based economic systems.
Upon accession, the new Member States will join Economic and Monetary Union with the status of "countries with a derogation" and their central banks will become part of the ESCB. At a later stage, the acceding countries' central banks will become part of the Eurosystem, after these countries have fulfilled the convergence criteria for adopting the euro.