However, in most transition countries that objective can only be defined in concrete terms by taking into account the specific characteristics of the transition process and, in particular, the fact that structural convergence is a longer-term process as well. While steering a clear course towards disinflation, a cautious approach to monetary policy, especially in setting explicit targets, is called for.
… The Central and Eastern European countries which are involved in accession negotiations with the European Union are confronted with the basic question of how Economic and Monetary Union features in the overall context of enlargement. As far as we can judge today, we see the economic and monetary policy integration of the candidate countries proceeding in three steps.