As for Europe 50 years ago, an important precondition for growth to take off is the stabilisation of prices and, after an initial adjustment, the exchange rate. This has been the purview of the IMF in its adjustment programs, which through the extension of credits has somewhat facilitated the adoption of painful economic policies.
As trade and capital movements have been to a large extent liberalised well before accession, the degree of integration had already reached a significant level between the new and previous Member States.