It encompasses the stability of institutions guaranteeing democracy, the rule of law, human rights and, what is important in some of the new accession countries, the respect for protection of minorities as well. 2. The second Copenhagen criterion is of economic nature.
High and rising food prices in a situation where the economy is at or close to its NIRG do tend to work their way through wage contracts and, eventually, to rising prices across the board. Just as in the case of energy, persistently high and rising food prices adversely impact NIRG and, therefore, do warrant a monetary policy response.