Beyond ERM II membership lies the adoption of the euro, the crowning achievement of the monetary integration process. In order to adopt the euro, non-participating EU Member States have to achieve a high degree of sustainable economic and legal convergence.
Likewise, to be transparent, gather additional input, and provide a valuable test of our approach, the Federal Reserve intends to conduct a quantitative impact study of the BBA as part of our rulemaking process. We hope supervised firms will take advantage of this opportunity to contribute valuable information and feedback on our approach.