The Netherlands has always been a strong proponent of this proposal, because it is an important instrument to guarantee budgetary discipline. After all, the budgetary policies of the participants will have to be aligned in such a way that they may be used to strengthen the European currency.
But even then major efforts will have to be made to clear the road to EMU of any remaining obstacles. The Intergovernmental Conference which started a year ago and will be completed in Amsterdam, will have to provide an answer to the question how the EU can remain institutionally manageable when a number. of Eastern European countries accede in the near future.