However, as participation in ERM II is a precondition for the eventual adoption of the euro, Member States are expected to join the mechanism at some stage. ERM II membership can take place any time after EU accession.
*  *  *  Mr. Daniel, Professor King, Mr. Kapfer, Mr. Burt, ladies and gentlemen, I am delighted to be here this morning at the first session of the seminar on the theme of “Balancing Cost, Profitability and Customer Experience” organised by the Asian Banker under its annual event “The Excellence in Retail Financial services, South Asia”.