There is furthermore a considerable chance that a new Member State eager to change over to the euro quickly may find the euro area-wide monetary conditions incompatible with its specific circumstances. On the one hand, an accession country which has been successful in its efforts to catch up will temporarily face structurally higher inflation levels.
He accuses you of undermining the ECB’s credibility by being so open about your views. The general public are well informed – we owe it to them to be frank. A central bank is credible if it takes people seriously and provides them with truthful information. There is no point in trying to dress up the facts.