In December 2005, the European Council granted the former Yugoslav Republic of Macedonia the status of a candidate country; accession negotiations have not started. All the other Western Balkan countries are potential candidate countries: Albania, Bosnia and Herzegovina, Montenegro, and Serbia including Kosovo under UN Security Council Resolution 1244.
BIS Review 89/2007  3  According to the economic reasoning underlying Economic and Monetary Union (EMU), the eventual adoption of the euro is envisaged as the endpoint of a structured convergence process within a multilateral framework. Participation in the Exchange Rate Mechanism (ERM II) 3 represents the second stage in the monetary integration process of non-euro area Member States.