On the other, such a country’s economic weight is too insignificant to affect the ECB’s monetary policy. In such a situation, negative real interest rates, overheating of the economy and erratic economic cycles may occur, making very heavy demands on macroeconomic management and the flexibility of the economy, notably the labour market.
This brings us back to structural convergence and the requirements and implementation of the Copenhagen test. BIS Review 19/2002  3  New Member States in the European process of policy coordination Given these structural and real challenges to policy, it would seem advisable to continue to comply with the essence of the Copenhagen test following accession to the EU.