There is general consensus that the integration of the candidate countries represents both a political necessity and an economic opportunity. It is perfectly understandable that the candidates wish to benefit from the prosperity of this large economic area as quickly as possible.
Particularly after the introduction of the single currency, an integration-related reduction in transaction costs, greater price transparency and a consolidation and expansion of the capital markets can be expected. In addition, the accession countries stand to benefit from the ECB’s track record. A further decline in inflation rates, capital market rates that are tending to fall and improved investment terms can be expected. 3.