In particular, further preparatory work in various areas is required. For example, new members have to ensure that the harmonised framework in which the single monetary policy operates is fully in place prior to their participation in the euro area. Statistics need further adaptation so as to comply with the Eurosystem’s reporting requirements.
Some changes in national legislation are needed to formally lay the foundations for the introduction of the euro. Finally, all procedures that involve the Eurosystem and the prospective member country will have to pass a number of real-time tests in order to demonstrate that the infrastructure is operational.