In particular, the creation of the SSM has added an entirely new dimension to future euro area accession processes. At the same time, experience from the crisis has sharpened the views of policymakers, both in the current euro area member states as well in the non-euro area members, on what it takes for an individual country to participate smoothly in a monetary union.
In a nutshell, we are today facing twin challenges in the EU – namely, that of deepening monetary union for the euro area countries and that of achieving convergence to allow for a  smooth integration into monetary union for those EU Member States not yet part of the euro area.