As you know, accession to the EU is only the beginning of the process, which ends with the eventual adoption of the euro, given that these countries have no opting-out clause. The path towards euro adoption is embedded in a well-defined multilateral institutional framework.
To guide the process of joining EMU the Governing Council of the ECB released a comprehensive policy position on relevant exchange rate issues in December 2003. Given its importance, I would like to speak about the main implications of the various phases of joining EMU.