Obviously these challenges will continue to present themselves in some way or another to newly joined Member States. In this context, I warned against premature changeover to the euro. The surrender of exchange rate flexibility and the euro area-wide orientation of monetary policy may not be compatible with the challenges posed by structural and real convergence.
It is important that these challenges (continue to) be explicitly acknowledged in the regular process of European policy coordination. This will guarantee the successful economic integration of new Member States into the Union. Expanding the EU is a duty which ensues from the essence of the European integration process.