If overheating of those economies cannot be retrained successfully through somewhat tightened policy conduct, from a longer-term perspective, there is a risk that an unwinding activity from the excess will become large and those economies will be forced to make sharp and substantial adjustments. Second, developments in advanced economies.
It is common wisdom that the acceptance of the euro as legal tender by the public is crucial for the success of monetary union despite the fact that the single currency and its national denominations have been managed by the ECB since 1 January 1999. The psychological test of the new currency will be in 2002, when the euro will replace the national currencies.