Different regimes are feasible, as long as they support the nominal and real convergence process. Upon accession to the  BIS Review 3/2001  3  European Union, new Member States shall treat their exchange rate policy as a matter of common interest. After accession, although not necessarily immediately, accession countries are expected to join ERM II.
Are there any important risks or potential obstacles to growth going forward? For one thing, it is natural to assume that there will be a more permanent retrenchment by consumers in countries which experienced debt-fuelled consumption booms. Households in the United States, and also in a number of other countries, are unlikely to return to their past spending patterns.