Particularly after the introduction of the single currency, an integration-related reduction in transaction costs, greater price transparency and a consolidation and expansion of the capital markets can be expected. In addition, the accession countries stand to benefit from the ECB’s track record. A further decline in inflation rates, capital market rates that are tending to fall and improved investment terms can be expected. 3.
If one considers the major significance of the financial sector for the allocation of resources, it becomes clear that further structural reforms are needed in the accession countries before they are ready to join the EU. The framework provided by the Copenhagen criteria is intended to ensure this structural convergence.