So is with the information disclosure and supervision. In particular, financial innovations for select customers shall be differentiated from those for common customers. Besides, the financial innovations like derivatives, which are sophisticated in terms of pricing and risk control and designed for complex financial institutions, shall be differentiated from others as well from the perspective of supervision.
As you surely know, the accession countries will first join the European Union and only later adopt the euro, after the sustainable fulfilment of the Maastricht convergence criteria. Retaining a reasonable degree of labour market flexibility will certainly be helpful to bring about eventual full monetary integration of accession countries. To be sure, this is not a plea for full deregulation.