In the end, both “corners” prevailed: a hard peg among European countries and the euro area itself operating an independent float (PadoaSchioppa, 1995). In light of this, it is not surprising either to observe that there are still differing exchange rate regimes among the New EU Member States which have not yet adopted the euro.
At the same time, real and financial integration in the EU is already strong and is set to increase even further. Thus, given the unique institutional environment of European integration, countries are expected to adopt the euro once they are deemed to have fulfilled the conditions set by the Treaty.